Avison Young arranges $147 million refinancing for Class A office building in Tribeca on behalf of Jack Resnick & Sons

New York, NY – Global real estate advisor Avison Young arranged a $147 million first mortgage refinancing of 255 Greenwich Street, a 600,000+-square-foot (SF) Class A office building with ground floor retail and parking in Tribeca, on behalf of an affiliate of Jack Resnick & Sons.

The 14-story property was developed in 1987 by Jack Resnick & Sons, which was founded in 1928 and now spans three generations of family leadership. The 10-year, fixed-rate CMBS loan was secured with Morgan Stanley and Societe Generale to repay an existing loan with MetLife.

Avison Young’s Tri-State Debt and Equity Finance team led by Principals and Co-Leads Scott Singer and Andy Singer; Executive Director Kevin Swartz and Senior Director Jeffrey Moroch represented the ownership group. The team, as The Singer & Bassuk Organization, arranged the original loan with MetLife 10 years ago.

“We are extraordinarily proud to be representing Jack Resnick & Sons and to be working with Jon and his executive team as they continue to build on the legacy of excellence established by his grandfather Jack and father Burt,” said Singer. “Morgan Stanley as lead and Soc Gen as co-lender provided a smooth execution for this important Avison Young client.”

255 Greenwich spans a full block bounded by Greenwich Street, Park Place, Murray Street and West Broadway. It is situated in the heart of the thriving New Downtown, adjacent to the World Trade Center. Prominent tenants include Cornell University, Ichan School of Medicine at Mount Sinai, The City of New York, The City University of New York and Target Corporation.

“The successful refinancing of 255 Greenwich, which Jack Resnick & Sons developed nearly 40 years ago, is a testament to the attractiveness and vitality of Lower Manhattan,” said Jonathan Resnick, President of Jack Resnick & Sons. “This closing further strengthens our dedicated long-term partnerships with the Singers, Morgan Stanley and Soc Gen. It also marks the start of an important new relationship with Avison Young’s Tri-State Debt and Equity Finance team. We appreciate everyone’s collaborative efforts to complete and rate lock this transaction on an expedited timeline.”