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PGIM has its eye on multifamily debt acquisition, and now it has the force of a $500M joint venture behind that strategy. Prudential's real estate arm is partnering up with Citymark to snap up performing and nonperforming multifamily loans. PGIM manages about 600,000 multifamily units in the U.S.  

More than $650B of multifamily debt is set to mature by 2026. The JV wants to fill the hole in financing left by other lenders, like banks wanting to minimize their commercial real estate exposure due to high interest rates. Banks and thrifts made up 30% of total outstanding multifamily debt in the first quarter with $620B, the Mortgage Bankers Association found.