315 Hudson St.
NEW YORK CITY—Jack Resnick & Sons has taken out a $200 million refinancing loan with PGIM Real Estate Finance for 315 Hudson St. in the Lower Manhattan neighborhood of Hudson Square. The lender is the commercial mortgage finance business of PGIM Inc., the $1 trillion global investment management business of Prudential Financial, Inc.
The 10-year, fixed-rate loan will refinance existing debt and fund the remaining costs of renovations that will be completed in 2019. The renovations include an upgraded lobby, modernized elevator, redesigned retail storefronts, a new landscaped green roof, and other mechanical modernization and efficiency improvements.
The 315 Hudson St. loan is the second PGIM Real Estate Finance refinancing of a Resnick office property in Hudson Square. In May 2018, PGIM refinanced 250 Hudson St. with $115 million.
Built in 1907, 315 Hudson is a 10-story, 484,000-square-foot office building. It's located on the western side of Hudson Street between Spring and Vandam streets. Due to a 2013 rezoning allowing for a denser mixed-use district, the area has become known for attracting TAMI (technology, advertising, media and information) tenants. It's close to multiple subway lines and the Christopher St. New Jersey PATH stop.
“The Hudson Square neighborhood has seen a clear transformation in recent years and is attracting tenants who are looking for newer space and amenities as a way to draw and retain talent,” says Tom Goodsite, managing director and the transaction lead for PGIM Real Estate Finance.
“Jack Resnick & Sons is a long-term client of ours and was one of the first to recognize Hudson Square's potential as a magnet for creative firms,” says Scott Singer, president of the Singer & Bassuk organization, which brokered the deal for Resnick. “This refinancing is a reflection of the quality of the redevelopment and the extremely successful leasing program at 315 Hudson St.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
