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

PGIM provided the fixed-rate, 10-year debt

TRD New York /
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.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

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

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B

 561 Greenwich Street (Credit: Google Maps)

Trinity Church to construct another Hudson Square office tower

195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)

L&L, Safehold lock in $592M in financing for Downtown building

Tore Steen, CEO of CrowdStreet (Credit: iStock)

CrowdStreet lands $12M in financing, hires execs

A rendering of the The Epic in Dallas, Texas and Westdale CEO Joe Beard (Credit: Westdale, Wikipedia)

No panic: Westdale mulls $50M Series B bond raise in Tel Aviv