David Durning will take over as president of Prudential Mortgage Capital Co., replacing David Twardock, who is retiring next April.
Durning is currently senior managing director and head of originations for the Newark, N.J-based commercial and multifamily lender. He started with the company in 1988 as an investment analyst and before that was a lending officer at Chemical Bank and a corporate finance associate at Shearson Lehman.
“Dave Twardock has worked tirelessly to lead the transformation of our mortgage business from a single-line business supporting Prudential’s general account to a full-service commercial mortgage company offering a range of capital sources,” said David Hunt, CEO of Prudential Investment Management.
“David Durning, who has demonstrated great leadership in a variety of roles, is uniquely positioned to lead and continue to grow the mortgage business, particularly as the business expands internationally.”
Besides his position at Prudential Mortgage Capital, Durning serves on the executive board of the National Multifamily Housing Council and is the former chairman of the Fannie Mae DUS Advisory Council.
Prudential Mortgage Capital has a $69 billion loan servicing portfolio. Life insurance companies as a group are the largest lender in commercial real estate loans.