PGIM Real Estate Finance has provided a $200 million refinancing loan to Jack Resnick & Sons for 315 Hudson Street.
PGIM Real Estate Finance 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 be used to refinance existing debt and fund the remaining costs of a renovation program that will be completed in 2019.
The renovations include a full lobby upgrade, elevator modernization project, redesigned retail storefronts, a new landscaped green roof, and other mechanical modernization and efficiency upgrades.
315 Hudson is a 10-story, 484,000 s/f office building located in Hudson Square.
Hudson Square has undergone a transformation in recent years due to a 2013 rezoning that allowed for a significantly denser, mixed-use district, which has led to the area becoming a marquee location in New York for technology, advertising, media, and information technology tenants.
The 315 Hudson loan marks the second PGIM Real Estate Finance refinancing of a Jack Resnick & Sons office property in Hudson Square, with the first being a $115 million refinancing of 250 Hudson St. in May 2018.
The property is situated on the western side of Hudson Street between Spring and Vandam streets with access to local transit .
“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,” commented Tom Goodsite, managing director and the transaction lead for PGIM Real Estate Finance.
“We were excited about the opportunity to work with Jack Resnick & Sons on the transformation of another asset in the Hudson Square area and look forward to capitalizing on these recent shifts in tenant demands.”
“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,” said Scott Singer, president of The Singer & Bassuk Organization, which brokered the deal on Resnick’s behalf.
“This refinancing is a reflection of the quality of the redevelopment and the extremely successful leasing program at 315 Hudson St.”