Leadership changes are coming to PGIM Real Estate as Kelly Follain, head of agency lending, has been tapped to become executive vice president and head of multifamily at Fannie Mae. Mike McRoberts, who retired from PGIM in March 2024, will return to lead the agency lending platform.
Follain, who has over 25 years of industry experience, joined PGIM Real Estate in 2016 and had moved into the head of agency lending role a year ago from chief operating officer. Prior to that, she had been vice president of underwriting and credit at Freddie Mac.
“She has been really instrumental in the industry, especially during this time of disruption. As lenders face more stress and properties face more stress, the agencies were looking hard at who was doing a good job and who wasn’t. This appointment for Kelly speaks to her success as a leader—and we’re thrilled for her—and we also see it as a vote of confidence for how [PGIM Real Estate] has been doing. Those who thrive during periods of disruption outperform,” says Bryan McDonnell, chair of global debt and agriculture for PGIM Real Estate.
McRoberts, who first joined PGIM Real Estate in 2011, was instrumental in driving growth for the agency platform and building a strong team with deep expertise, according to McDonnell. PGIM Real Estate’s agency platform recorded over $4.2 billion in production for 2024. Under McRoberts’ previous tenure, he increased production from $2.4 billion in 2011 to its peak of $9.6 billion in 2020.
“Mike is no stranger to this team or its success. Mike is excited to come to lead this business. Our most important focus is that we’re well positioned for what we think will be a busy 2025 and 2026,” say McDonnell.
McRoberts’ role will take effect Feb. 3, while Follain’s last day with PGIM Real Estate will be Feb. 28. In addition, the remainder of PGIM Real Estate’s agency leadership will remain unchanged, with Stephanie Wiggins continuing has head of production for agency lending and Rick Del Roio as head of credit and chief underwriter for the government-sponsored enterprises.