2008-01-10 19:06:59 -

- Prudential Mortgage Capital Company announced today that it has closed a $31 million refinancing loan on behalf of its conduit account for the Best Western Hacienda Old Town in San Diego, Calif. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

The eight-building hotel complex, which was constructed in phases from 1982 through

2003, was recently renovated in 2007. The property features 199 units, an on-site restaurant and meeting and banquet space. Other amenities include a pool with spa, guest barbeque area, a fitness center, business center, guest laundry and a 24-hour convenience store. Guest suites feature a built-in hair dryer, iron and board, mini-refrigerator, coffee maker, microwave, ceiling fans, in room safes, and cable television.

The ten-year fixed-rate loan has a 30-year amortization. Jaime Zadra of Prudential's Los Angeles office originated the loan. Todd Hoover of CB Richard Ellis' San Diego office served as intermediary.

Prudential Mortgage Capital Company, a national full-service, commercial and multifamily mortgage finance business, originates loans for Fannie Mae DUS(TM), FHA and Freddie Mac Targeted Affordable programs; the capital markets; Prudential's general account; and other institutional investors. The company, with $56.5 billion in assets under management and administration as of September 30, 2007, offers fixed- and floating-rate loans; mezzanine, structured and bridge financing; forward commitments; affordable housing and healthcare finance. For more information, visit www.prumortgagecapital.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $637 billion of assets under management as of September 30, 2007, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.prudential.com.

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