$40 Million — New York, NY
CAPITAL ONE CLOSES $40 MILLION LOAN TO REFINANCE NEW YORK CITY OFFICE BUILDING FOR JACK RESNICK & SONS AND THE RUBEN COMPANIES
April 24, 2017 New York, NY – Capital One announced today that it has provided a $40 million loan to refinance 161 William Street, a 22-story, 201,222-square-foot, office building in lower Manhattan’s Insurance District. The property is jointly owned by Jack Resnick & Sons and the Ruben Companies. The sponsors used the proceeds to pay off an existing CMBS loan and to fund capital improvements. Vice President Jonathan Smith originated the transaction.
The flexible rate loan has five years of interest-only payments.
“The property is well-located in lower Manhattan and has a long-term anchor tenant, Pace University,” Smith said. “Financing 161 William Street gave us the opportunity to expand our relationship with Jack Resnick & Sons to New York City.” Capital One financed a San Francisco office building for the firm in 2016.
The sponsors bought 161 William Street in 1978 and have continually modernized it. They most recently upgraded the property in 2009, installing a new marble lobby, cooling tower, upgraded elevator control system, and windows. Pace University has steadily expanded its footprint in the building since it signed its first lease in 2001 and currently occupies 83.5 percent of the total square footage. In 2015, it opened a new residence hall, the tallest in the world, next to the property. Its lease matures in October 2021.
Founded in 1928, Jack Resnick & Sons is one of the largest private owners of office properties in New York City. The company currently owns and manages a portfolio of approximately 5.2 million square feet of space in Midtown and Downtown Manhattan. The Ruben Companies, founded in 1959, has participated in the development, acquisition, and management of over seven million square feet of office space and over 1,000 luxury residential apartments.
Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. Additional information can be found at www.capitalone.com/cre.
“The Capital One CRE team consistently demonstrates expertise and passion—that commitment translates into creativity, responsiveness, and optimizing the timing and structure of each transaction.”
Michelle Lord, Vice President of Capital Markets, Fairfield Residential Company LLC
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Capital One Multifamily Finance is distinguished by its ability to structure multifamily mortgages customized to the precise needs of its clients. We are a Fannie Mae DUS® lender, a Freddie Mac lender, and a FHA HUD lender. Plus, we offer balance sheet financing backed by the full strength of Capital One Commercial Banking. You can count on our team of multifamily mortgage makers to deliver apartment financing smoothly, quickly, and with certainty.