PGIM Provides $125MM Floating-Rate Refinance for Hanover’s 377-Unit San Francisco Apartment Community
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. Houston transaction velocity has been concentrated in industrial and Class A multifamily in the energy corridor and inner loop. Office remains a basis play. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed multifamily deal value tracked in November 2026: $337M across 3 reported transactions. All Multifamily coverage →
- 17 stories mentioning PGIM on the wire in the past 90 days. PGIM coverage →
Computed from Real Estate Trail’s own tracked coverage
PGIM has extended $125 million in core floating-rate debt to refinance a 377-unit San Francisco apartment community owned by Houston-based Hanover Company, a loan that appears tied to the developer's Hanover SoMa West…
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