PGIM, Domain Real Estate Partners Surpass $4B in U.S. Land Banking Deals
PGIM, the asset management arm of Prudential Financial, and Domain Real Estate Partners have surpassed $4 billion in funding through a series of residential land banking transactions designed to deliver alternative capital solutions to U.S. homebuilders.
The partnership has completed seven residential land bank deals, providing nonbank financing to national homebuilders during a period of continued housing undersupply and tighter traditional credit conditions. In a typical land banking transaction, a homebuilder sells undeveloped lots to financing partners and pays a premium for the right to repurchase them when construction is ready to commence, freeing up capital for building activity and other uses.
“We continue to see strong and growing demand from borrowers for tailored, asset-based financing solutions across a range of sectors,” said Oliver Nisenson, head of private asset-based finance at PGIM. “Our partnership with Domain allows us to deliver capital solutions for homebuilders outside of traditional bank financing to help accelerate housing development in the U.S.”
The transactions are part of PGIM’s broader push into private asset-based finance, a strategy that also spans consumer credit, residential mortgages, fund finance, commercial finance and digital infrastructure.
“Asset-based finance represents one of the most compelling growth opportunities across today’s credit landscape,” added Gabriel Rivera, co-head of securitized products at PGIM.
Domain brings deep sector expertise to the partnership. Since its founding in 2015, the firm has financed more than 720 projects totaling approximately $16 billion in project costs, with more than $6 billion currently deployed across its portfolio.
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