05/31/2019 | Press release | Distributed by Public on 05/31/2019 07:01
NEW YORK, May 31, 2019 - PGIM Real Estate Finance has provided a $200 million refinancing loan to Jack Resnick & Sons for 315 Hudson St. in Manhattan. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM Inc., the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
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.
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315 Hudson is a 10-story, 484,000-square-foot office building located in Hudson Square. Hudson Square has undergone a dramatic 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 well situated on the western side of Hudson Street between Spring and Vandam streets with excellent access to local transit - the Spring Street subway stop (C and E Lines), Canal Street Station (1 Line), Houston Street Station (1 Line), and Christopher Street PATH stop (Hoboken-33rd Street, Journal Square-33rd Street) are all within an eight-block radius.
'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.'
About PGIM Real Estate Finance
PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU), is one of the largest real estate investment managers in the world, with more than $168.4 billion in gross real estate assets under management and administration, as of December 31, 2018. Through its PGIM Real Estate Finance and PGIM Real Estate businesses, PGIM leverages a 140-year history of real estate lending on behalf of institutional and middle-market borrowers, a 49-year legacy of investing in commercial real estate on behalf of institutional investors, and the deep local knowledge and expertise of professionals in 31 cities around the world.
PGIM Real Estate Finance, the commercial mortgage business of PGIM, is an international full-service, commercial and multifamily mortgage finance business. Offering one of the most comprehensive lines of real estate finance products in the world, PGIM Real Estate Finance originates loans for Fannie Mae DUS®, Freddie Mac and specialized affordable housing programs; FHA; Prudential's general account; and other institutional investors. For more information, please visit pgimref.com.
About PGIM and Prudential Financial, Inc.
With 16 consecutive years of positive third-party institutional net flows, PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world* with more than $1 trillion in assets under management as of March 31, 2019. PGIM's businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 15 countries across five continents. For more information about PGIM, visit pgim.com.
Prudential's additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.
*Pensions & Investments' Top Money Managers list, May 27, 2019; based on Prudential Financial total worldwide institutional assets under management as of Dec. 31, 2018. Assets under management (AUM) are based on company estimates and are subject to change.