OREANDA-NEWS. September 12, 2012. Prudential Mortgage Capital Company has originated a USD10.5 million Fannie Mae loan for an affiliate of Palatine Capital Partners Management, LLC to finance its purchase of a Jacksonville, Fla., apartment community. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

The borrower is using the loan to acquire The Villas at Dames Point Crossing, a 180-unit apartment community located near I-295 providing quick access to local beaches, the airport, downtown Jacksonville, Mayport Naval Station and the Southside office market. Originally constructed in two phases as condominiums between 2006 and 2007, the owner opened the complex to rentals following the 2008 U.S. financial crisis. The Villas, which remains titled as a condominium, is the newest community constructed in the Arlington submarket of Jacksonville and is more than 90 percent occupied.

“As one of the newest properties in this area, its high occupancy, potential for future condominium sales and its proximity to key area office, recreational and shopping areas made this transaction extremely attractive to us,” said Brian Salyards, a principal with Prudential Mortgage Capital Company, who originated the transaction. “We look forward to continuing our relationship with Palatine Capital Partners Management.”

“This was a complicated execution which transpired over many months,” said Alex Hurst, Palatine’s founder and managing partner. “It was a fantastic addition to our 3,500 unit portfolio. We look forward to continuing to grow our footprint in Florida and the Southeast.”

Palatine Capital Partners Management, LLC is a private real estate principal firm focused on situational asset level investing in the United States. Palatine specifically pursues opportunistic equity investments in apartment properties and acquires performing and non-performing whole loans nationwide in every asset class. Since inception in 2007, Palatine has acquired interests in over USD715 million of assets, including over 3,500 apartment units, 265,000 square feet of commercial space and 20 whole loans.