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Press Release

Prudential Mortgage Capital Completes $908 Million Conduit Deal

NEWARK, N.J.--(BUSINESS WIRE)--May 22, 2001--Prudential Mortgage Capital Company announced today that it has completed its first solo CMBS securitization, a $908 million conduit deal comprised of 119 commercial loans originated by Prudential that will be serviced by Prudential's newly formed loan servicing arm, Prudential Asset Resources.

The conduit deal, named ROCK 2001-C1, was sold through Merrill Lynch and Salomon Smith Barney. "This deal highlights Prudential's versatility in terms of our ability to originate loans through our variety of capital sources, including the public and private capital markets, and provide servicing for our borrowers," said Shane Tucker, a managing director at Prudential Mortgage Capital.

"This conduit deal is truly a milestone in our corporate history and represents a tremendous accomplishment that serves our borrowers well," Tucker said.

The CMBS securitization consists of a $908 million pool of 119 fixed-rate mortgage loans secured by commercial and multifamily properties located throughout 30 states and the District of Columbia. The property type composition of the pool is as follows: Office 32%; Multifamily 20%; Retail 18%; Industrial 17%; Hotel 8%; Mobile Home Park 4%; and Self Storage 1%. The weighted average loan-to-value for the pool is 64% and debt service coverage ratio is 1.65 to 1.00. The pool was rated by Moody's and Fitch and received subordination levels of 20.75% to AAA.

Prudential Mortgage Capital Company is a national full-service, commercial mortgage finance business, originating mortgage loans for Fannie Mae and FHA programs, the capital and high-yield markets, Prudential's general account, and other institutional investors. Prudential Mortgage Capital has a combined servicing portfolio of $32 billion as of December 31, 2000.

Prudential Asset Resources was formed following the merger of Prudential Mortgage Capital Company and the WMF Group as Prudential decided to create an independent, profit-based servicing business to deliver the highest possible level of service to customers and investors alike. Prudential Asset Resources, with $32 billion of loans being serviced as of December 31, 2000, is the sixth largest commercial mortgage loan servicer in the industry, servicing a broad range of loans and property types.

The Prudential Insurance Company of America, with more than $371 billion in assets under management as of December 31, 2000, is among the largest financial services institutions in the world, and one of the largest life insurance companies in the United States. Prudential serves millions of individual and institutional customers worldwide and offers a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, real estate brokerage franchises and relocation services. Prudential Financial is a service mark of Prudential, Newark, NJ, and its affiliates.

Prudential, Newark
Theresa Miller, 973/802-7455

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