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Resnick lands $50M refi for 485 Madison

485 Madison Avenue and Jonathan Resnick
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.

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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.

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