Capital One provided a $40 million loan to refinance 161 William Street, a 22-story, 201,222 s/f office building in Lower Manhattan’s Insurance District.
The property is jointly owned by Jack Resnick & Sons and the Ruben Companies.
The sponsors used the proceeds to pay off an existing CMBS loan and to fund capital improvements.
Capital One vice president Jonathan Smith originated the transaction. The flexible rate loan has five years of interest-only payments.
“The property is well-located in lower Manhattan and has a long-term anchor tenant, Pace University,” Smith said.
“Financing 161 William Street gave us the opportunity to expand our relationship with Jack Resnick & Sons to New York City.”
Capital One financed a San Francisco office building for the firm in 2016.
The sponsors bought 161 William Street in 1978 and have continually modernized it. They most recently upgraded the property in 2009, installing a new marble lobby, cooling tower, upgraded elevator control system, and windows.
Pace University has steadily expanded its footprint in the building since it signed its first lease in 2001 and currently occupies 83.5 percent of the total square footage.
In 2015, it opened a new residence hall, the tallest in the world, next to the property. Its lease matures in October 2021.