Prudential Mortgage Capital names John DeWitt and Marty Fayer to lead Freddie Mac Program Plus® program

NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Mortgage Capital Company announced today that John DeWitt and Marty Fayer have been named managing directors and will jointly lead the company’s Freddie Mac Program Plus® program. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).

DeWitt and Fayer joined the company with the creation of Prudential Johnson Apartment Capital Express, a strategic partnership that combines the strengths of Prudential and Johnson Capital to originate and service loans for Freddie Mac Program Plus®. Together, they are responsible for managing all aspects of the Prudential Johnson Apartment Capital Express Program Plus platform, including originating new loans. In addition, they will also arrange multifamily loans on behalf of Prudential’s other capital sources.

“With more than 35 years of combined commercial real estate financing experience, John and Marty are industry leaders who bring expertise and a wealth of experience to our growing multifamily lending program,” said David Durning, senior managing director and head of agency lending and originations, Prudential Mortgage Capital. DeWitt and Fayer are based in the company’s McLean, Va., office, and report to Durning.

DeWitt has more than 20 years of commercial real estate experience originating and placing real estate capital for commercial and multifamily properties throughout the United States. Before joining Johnson Capital, he was a vice president of production at Reilly Mortgage Group and a commercial real estate loan representative for Perpetual Savings Bank. A graduate of the University of Utah, DeWitt also served as a member of the Freddie Mac Program Plus Advisory Council.

Fayer has 15 years of commercial real estate experience originating and placing real estate capital for commercial and multifamily properties throughout the United States. Before joining Johnson Capital, he was a vice president of loan production at Reilly Mortgage Group and a commercial and multifamily loan producer for the GMAC Residential Funding Corporation’s commercial conduit unit. Earlier, Fayer was a multifamily underwriter in the Southeastern United States for Freddie Mac. He has a bachelor’s degree and master’s degree in finance, both from American University’s Kogod School of Business.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $63 billion in assets under management and administration as of March 31, 2010. Leveraging a 135-year history of real estate finance the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS™, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $63.4 billion, as of March 31, 2010. For more information, please visit http://www.prumortgagecapital.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $693 billion of assets under management as of March 31, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com.

Prudential Financial, Inc.
Lisa Iurato, 973-802-5345
lisa.iurato@prudential.com

Source: Prudential Financial, Inc.