Jack Resnick & Sons refinanced its Midtown office building 485 Madison Avenue with a $50 million loan from Prudential Insurance.
The new mortgage replaces a $45 million CMBS loan issued by Bear Stearns in 2007. The 24-story, 303,500-square-foot tower is home to Standard Security Life Insurance and Signature Bank, among other tenants.
Prudential is one of the most active investors in New York’s real estate market. Last year the insurer’s subsidiary PGMI bought a 49-percent stake in SL Green Realty’s office tower 11 Madison Avenue.
January was the first complete month since new risk-retention laws for CMBS issuances went into effect, and activity remained steady. A total of $810 million in newly issued CMBS loans backed by New York properties entered the market in January, as The Real Deal reported.