Drew Abernethy, a principal and head of Pricoa Mortgage Capital’s (PMCC) European originations team, is relocating to the US from the firm’s London offices, Real Estate Capital has learned.
By press time today Abernethy had already departed PMCC’s London offices and was in transit to the US, where he will set up shop in the firm’s Washington, DC offices.
It wasn’t immediately clear how his role with the company might change, but through his London post Abernethy was responsible for originating senior commercial mortgages across Europe, where he has led a string of them to help expand the firm’s presence.
Last month PMCC refinanced Oxford Properties’ London trophy asset Watermark Place with £270m of 10-year financing — one of the largest, if not the largest Pricoa has made in Europe.
PMCC is a commercial mortgage lending business of Prudential Financial, which is based in the US.
Abernethy has worked for PMCC since 2004. Previous roles have included the setup of PMCC’s Japanese mortgage business followed by loan originations in Tokyo for Gibraltar Life, one of PMCC affiliate Pramerica Financial’s Japanese insurance subsidiaries.
A US native, he previously held roles in southeastern US loan originations and eastern US portfolio management. Before joining Prudential, he worked for CW Capital in Atlanta, Georgia and for a regional retail real estate developer and manager in Raleigh, North Carolina.
Prudential has an international full-service, commercial, multifamily and agricultural mortgage finance business with offices across the US, London and Tokyo.
Prudential’s lines of real estate finance products in the US include originations from the insurance company’s general account; Fannie Mae DUS, Freddie Mac Program Plus and specialized affordable housing programs; FHA; Conduit; a proprietary balance sheet program; and other institutional investors.
In Europe the company originates loans on behalf of the US General Account as well as for third-party institutional investors, and in Asia and Australia on behalf of Gibraltar Life and the US General Account, among others.
A Prudential spokesperson did not respond to requests for comment in time for publication.