Associate Manager

Citadel moves forward with new skilled nursing facility near Aventura. Citadel Care Centers has broken ground on a new skilled nursing facility in North Miami Beach after obtaining a $50.9 million loan from PNC Bank. The financing is tied to a 3.2-acre development site spanning an entire block at 1800 and 1875 Northeast 167th Street, near Northeast 19th Avenue. The property is approximately three miles south of Aventura. Plans call for a four-story healthcare facility with an accompanying parking garage. The site currently includes the 50,088-square-foot Aventura Plaza Rehabilitation & Nursing Center, which occupies roughly half of the property. It has not been disclosed whether that building will remain as part of the completed project. The development comes amid continued growth in Florida's older population and improving senior housing fundamentals. The state's senior population is projected to increase by approximately 4 percent annually through 2030, while senior housing occupancy surpassed 90 percent during the first quarter of 2026. That compares with occupancy of about 80 percent five years earlier. Investor interest in South Florida senior care properties also remains active. Recent transactions include Healthpeak Properties' acquisition of a 136-unit Boynton Beach facility for at least $62 million and PGIM Real Estate's sale of a seven-acre retirement community property in Delray Beach for at least $140 million. Citadel Care Centers is based in New York and operates skilled nursing and rehabilitation facilities in several states.

PGIM's $82.6 million New Jersey refinancing is the last piece of a $369.5 million puzzle it's been building since last year. Today's loan for a 325-unit Roselle Park complex isn't a standalone deal, it's the fifth and final tranche of a New Jersey-wide bridge facility PGIM has been extending to the same developer since 2025, alongside a separate national portfolio refinancing that shows the insurance-affiliated lender pursuing New Jersey multifamily through more than one channel at once. By Lawrence Dubois / Published: Aug 27 2026, 5:47 AM EDT Capodagli Property Company secured $82.6 million from PGIM to refinance Meridia Roselle Park 10, a 325-unit Class A multifamily complex in Roselle Park, New Jersey, Commercial Observer first reported. The loan is structured as a bridge loan, and Greystone Capital Advisors, led by Drew Fletcher, Bryan Grover, Miryam Reinitz-Kops and Jesse Kopecky, arranged the transaction. What today's headline figure understates is that this deal completes something much larger. The Roselle Park loan is the fifth and final property to close under a $369.5 million cross-collateralized bridge facility PGIM has extended to Capodagli covering five newly developed Class A multifamily properties across New Jersey, totaling 1,340 units: Meridia Village Commons in South Orange, Meridia Pompton Lakes in Pompton Lakes, Meridia Linden 1001 in Linden, Meridia Little Ferry in Little Ferry, and now Meridia Roselle Park 10. PGIM had already funded $287 million across the first four properties throughout 2025, with today's $82.6 million tranche closing out the full facility. Fletcher explained the logic behind structuring the deal this way rather than as a single upfront loan: breaking the cross-collateralized facility into separate closings let Capodagli refinance each asset "on consistent terms as each came online," giving each property flexibility to pursue permanent financing at its own rate once individually stabilized, rather than forcing the entire portfolio to wait for every property to reach the same point simultaneously. "Completing this facility reflects the strength of our long-term relationship with Capodagli and PGIM's continued conviction in their platform," Fletcher said. That relationship-driven structure is only one channel through which PGIM has been active in New Jersey multifamily recently. Separately, PGIM Real Estate provided $345 million to refinance a national portfolio developed by Mill Creek Residential, spanning 1,501 units across five properties completed between 2022 and 2024: Modera Berkeley Heights and Modera Montville in New Jersey, Modera Coral Springs in South Florida, Modera Old Ivy in Atlanta, and Modera Overlake in Seattle. CBRE, led by Mike Riccio, Anna Paladino and Jesse Weber, arranged that financing, a different advisory relationship entirely from the Greystone team handling the Capodagli deals. PGIM's Trevor Arnholt, executive director of originations, framed that portfolio around a broader institutional mandate rather than a single-developer relationship: "The properties within this portfolio are strategically located in close proximity to major employment hubs across the U.S., offering long-term stability and growth potential... we are pleased to partner with Mill Creek, lending on behalf of our core investment strategy." Comparing the two portfolios on a per-unit basis illustrates the different roles New Jersey assets play in each. The Capodagli facility, entirely New Jersey-based, works out to roughly $275,800 per unit across its full $369.5 million and 1,340 units. The Mill Creek portfolio, spanning five states, works out to roughly $229,850 per unit across its $345 million and 1,501 units, though that figure blends New Jersey pricing with Florida, Georgia and Washington assets rather than isolating New Jersey specifically, so it shouldn't be read as a precise state-by-state comparison. What the two figures do show, taken together with the different advisory relationships and different framing PGIM itself used for each deal, is that the lender is pursuing New Jersey multifamily exposure through genuinely distinct channels: one built around a deep, multi-project relationship with a single developer across an entire cross-collateralized facility, and another built around fitting specific New Jersey assets into a broader, geographically diversified institutional portfolio. That two-track pattern is consistent with how insurance-affiliated lenders like PGIM have generally continued extending credit to stabilized Northeast multifamily assets even as broader commercial real estate lending has grown more selective elsewhere. Both the Capodagli and Mill Creek portfolios share a common profile: newly developed, Class A, recently stabilized properties, the kind of lower-risk, already-de-risked asset that insurance-backed capital has continued favoring even in a more cautious lending environment overall. New Jersey's specific role in both portfolios, whether as the sole geography in a developer-focused bridge facility or as two properties within a five-state institutional refinancing, suggests the state's multifamily fundamentals, rather than any single relationship, are drawing PGIM's capital repeatedly. With the Capodagli facility now fully closed across all five properties, the more interesting question going forward is whether PGIM and Capodagli extend their relationship to new development, or whether each of these five newly stabilized assets moves toward the permanent financing market individually, as Fletcher's own comments suggested was the intended flexibility built into the structure from the start. Either path would be a useful signal of how durable PGIM's specific New Jersey strategy actually is, beyond the pattern these two portfolios establish on their own. Join the Discussion EDITOR'S PICKS

Private credit managers eye UK DB pension funds. * August 21, 2026 * - 10:02 am Private credit managers are increasingly looking to Britain's £1tn-plus defined-benefit pension market as a source of capital, as insurers allocate a growing share of their portfolios to private assets, according to a report by the Wall Street Journal. The trend was highlighted by a new partnership involving Standard Life, CVC Capital Partners, Goldman Sachs and PGIM, under which investors will commit $2bn to private-market assets. Standard Life said the arrangement would support its growing business taking responsibility for defined-benefit pension schemes from their corporate sponsors. The deal is the latest example of investment firms seeking to tap the UK's expanding market for pension risk transfers, creating a new channel through which private credit can ultimately gain exposure to long-term retirement assets. UK defined-benefit pension schemes still have more than £1tn ($1.35tn) of liabilities that have yet to be transferred to insurers, according to Stephen Purves of consultancy XPS. Many of the schemes have been closed to new members for years, but continue to hold substantial pools of assets. The opportunity has grown as higher interest rates reduced the value of pension liabilities and helped many schemes move into surplus. That has enabled more trustees to consider transferring their obligations to insurers through bulk annuity transactions. Once a transaction takes place, the insurer assumes responsibility for managing the pension assets and eventually the associated retirement payments. The long-term nature of those liabilities makes private-market investments particularly attractive to insurers, which can match them against assets such as private loans, infrastructure and real estate. The model has already attracted major private capital firms. Apollo, Brookfield and Blackstone have all expanded their involvement in the UK's pension risk-transfer market over the past year, either through ownership stakes in insurers or by supplying private-market assets. S&P Global estimates that roughly 40% of the assets supporting UK insurers' rapidly expanding retirement businesses are invested in private markets and other assets that do not trade regularly on public exchanges. Around one-third of that private-market allocation consists of private credit, including loans to mid-sized companies. The growing exposure is drawing regulatory scrutiny. The Bank of England has warned that competition for pension business and pressure to maintain profit margins could encourage insurers to take on additional investment risk without receiving sufficient compensation. Offshore structures are also an area of concern. The Bank of England has argued that insurers do not currently hold enough capital to absorb losses associated with some offshore arrangements and plans to increase those requirements. Blackstone, for example, has agreed to supply private-credit investments to Legal & General for its retirement portfolio. One transaction involved financing a grocery distribution centre in North Carolina. Blackstone is also gaining indirect exposure to Britain's pension market through a Bermudian reinsurer to which it provides private-credit assets. Brookfield has taken a different route, acquiring life insurer Just Group and planning to support its portfolio with investments in infrastructure, energy and real estate. Apollo has made an especially significant push into the sector through Athora, the European insurer in which it holds a minority interest. Athora recently acquired Pension Insurance Corporation, a specialist in taking over corporate pension schemes. The combined business has around £118bn in assets serving approximately 3.1 million savers and retirees. Athora expects its relationship with Apollo to provide Pension Insurance Corporation with access to private-credit assets originated by the US investment firm, with a significant portion expected to be denominated in sterling to match the insurer's UK liabilities. The strategy is already contributing to growth in Apollo's asset-management business. Apollo reported an additional $65bn of fee-paying assets under management in the second quarter, driven in part by Athora's acquisition of Pension Insurance Corporation.