Resnick lands $50M refi for 485 Madison

Mortgage replaces $45M CMBS loan

TRD New York /
Feb.February 14, 2017 03:30 PM

485 Madison Avenue and Jonathan Resnick

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.


Related Article

arrow_forward_ios

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds

With Fed rate cut on the mind, markets enter the week riding high

(Illustration by Carl Wiens)

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

New York Community Bank CEO and president Joseph Ficalora (Credit: Facebook, iStock)

Freed by Dodd-Frank, NYCB is on the hunt for M&A deals

Lightstone Group Chairman and CEO David Lichtenstein and the Tel Aviv Stock Exchange (Credit: Lightstone and iStock)

Lightstone becomes third NYC developer in a week to plan new Tel Aviv bond issuance, targeting $73M

arrow_forward_ios