New Prudential CMBS Venture Makes Second Hire

Prudential Mortgage Capital Co. appointed Scott Heath to its Atlanta office as a loan officer covering the mid-Atlantic, southeast and southwest regions. 
 
The firm is the Newark, N.J.-based commercial mortgage lending business of Prudential Financial.
 
Heath will originate CMBS loans Liberty Island Group, the recently announced joint venture between Prudential Mortgage Capital Company and affiliates of Perella Weinberg Partners' Asset Based Value strategy.
 
He is the second person hired in connection with this joint venture. On Aug. 23, Prudential Mortgage announced Curtis Brunton's hiring. He originates loans in the Western region.
 
Heath spent 11 years as a CMBS loan underwriter and originator with JPMorgan Chase in Atlanta. Before that, he held various financial positions at companies including Citicorp and Goldman Sachs. Heath, will report directly to Mark Gleason, a principal in the Atlanta office.
 
 
Prudential Mortgage and affiliates of Perella Weinberg Partners' Asset Based Value strategy announced the formation of Liberty Island Group to originate commercial mortgages for future securitization in July. Loans will be originated through Prudential Mortgage's origination platform, then warehoused and securitized by the joint venture.
 
The new venture enables Prudential Mortgage to offer its borrowers with access to the CMBS market without creating a new warehouse for the asset class, following the divestiture of Prudential's CMBS business in 2008.