Pru Mortgage Does 1st CMBS Deal

Prudential Mortgage Capital Co. LLC, Newark, N.J., has priced its first securitization, a $1.15 billion deal managed by Prudential Securities Inc. Prudential Mortgage, the commercial mortgage conduit subsidiary of The Prudential Insurance Co. of America, contributed $368 million in collateral to the deal.The majority of the collateral was originated by the national PruExpress advisor network, the company said. Clay Lebhar, president and CEO of Prudential Mortgage, said the deal was a milestone for Prudential and expressed satisfaction at the reaction from rating agencies and investors "notwithstanding challenging domestic fixed-income market conditions." Prudential Capital Group and Prudential Mortgage have originated about $2.8 billion in commercial mortgage loans in 1998, Prudential Mortgage said.