With Google on the way, Resnick lands refi for Hudson Square building

PGIM provided the fixed-rate, 10-year debt

May.May 30, 2019 01:37 PM
315 Hudson Street (Credit: Google Maps)

315 Hudson Street (Credit: Google Maps)

Jack Resnick and Sons refinanced its Hudson Square office space that will soon house Google.

PGIM Real Estate Finance provided a $200 million loan for 315 Hudson Street, a 10-story tall, 484,000-square-foot building sandwiched between Spring and Vandam Streets, according to property records filed Thursday with the city’s Finance Department. The deal includes a new $65 million mortgage.

The debt carries a fixed rate and a term of 10 years. It will be used to refinance the building’s existing debt and fund a renovation that will be finished this year, the lender said. Some of the renovations include a refurbished lobby, new green roof and upgraded retail storefronts.

Tom Goodsite, PGIM’s managing director, was the transaction’s lead for PGIM and Scott Singer, president of the Singer & Bassuk Organization, brokered the deal for Resnick.

Resnick, which has owned the 19th-century-era building since the 1960s, did not immediately return a request for comment.

In December, Google announced it would be taking space at 315 Hudson Square as part of its $1 billion investment in a new 1.7 million-square-foot campus in the neighborhood. The tech giant also will be leasing space at Oxford Properties Group’s St. John’s Terminal at 550 Washington Street and Trinity Real Estate’s 345 Hudson Street. Google said it plans to move to the Hudson Street sites starting in 2020.

The deal marks PGIM’s second office refinancing for a Resnick property in Hudson Square. In 2018, the lender provided a $115 million loan for 250 Hudson Street.

“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,” Goodsite said in a statement.

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