William Street Office Tower Lands $40M Refi
- Apr 25, 2017
Capital One provided a $40 million refinancing loan for 161 William St. in Manhattan’s Financial District. The flexible rate mortgage has five years of interest-only payments and will be used for renovations and paying off an existing $35 million CMBS loan, due at the beginning of May, Yardi Matrix data shows. The transaction was conducted by Capital One Vice President Jonathan Smith.
According to PropertyShark and Yardi Matrix, the Class B, 22-story building comprises 216,204 square feet of office and residential space. The structure was built in 1951 and is owned by a joint venture between the Ruben Cos. and Jack Resnick & Sons, with the latter handling the property management and leasing. Recent improvements include a new marble lobby, cooling tower, upgraded elevators and windows. 161 William St. features panoramic views of the Brooklyn and Manhattan bridges. The asset is minutes away from the New York City Hall and the new Fulton Street Transit Hub, but also in the vicinity of restaurants, shops and landmarks.
Pace University occupies 83.5 percent of the property in accordance to a lease expiring in October 2021. The other tenant is The New York Society for the Prevention of Cruelty of Children. “Financing 161 William Street gave us the opportunity to expand our relationship with Jack Resnick & Sons to New York City,” Smith said in prepared remarks. Recently, Capital One financed another New York City asset, the 1 Hotel Brooklyn Bridge.
Image courtesy of Jack Resnick & Sons