The new hire will join the company’s debt business operations in the Illinois office, according to a job advertisement posted on Prudential’s website.
The new director will manage all aspects of loan origination process, including debt structuring, pricing strategy, transaction negotiation and closing and due diligence review.
The new position is in line with Prudential’s 2015 strategic growth plan to expand its agricultural business as part of PMMC, although PAI declined to comment on the hiring process.
The new hire will report directly to PAI’s Central Region vice-president. The team in Lisle, Illinois currently comprises Christopher Jay, director of financial analysis, and three principals Paul Marsh, Ken McNeil and Jeff Ray. John Nitz, a principal in the Agricultural Investments Unit of the PMCC who serves as the Midwest Regional head for the agricultural mortgage lending operations, is also based in Lisle.
PAI currently has $4.4 billion agricultural debt and equity portfolio with regional offices located in Fresno and Roseville in California, Orlando and Lisle, according to the company website.
In March, PAI brought on three new hires – Shane Hutchinson and Johan Dam for the agricultural lending team and Seth Palmer for the timber lending team. Palmer was previously an associate director at MetLife Timberland Finance Group.
“One of our goals for 2015 is to grow our agriculture lending business and establish it as a top-tier operation within the industry,” David Durning, chief executive of Prudential Mortgage Capital Company, said in a statement in March. “These additions are a step in the right direction as we look to grow originations, raise and invest equity capital and obtain new clients for PAI.”
Prudential’s Agricultural Equity Investment team serves the institutional investors who look to diversify their portfolios into the farmland asset class and has served eight institutional accounts since 1990, according to its website. It owns lemon and avocado farm, and a mandarin farm, both in California.
Prudential’s agri financing provides loans to individual landowners and large agribusinesses ranging from $500,000 to $200 million. Its timberland financing offers $5 million to $200 million loans to timberland owners and timberland investment management organisations.