Avison Young arranges $80 million refinancing of Gracie Mews on behalf of Jack Resnick & Sons
Manhattan, NY Avison Young arranged an $80 million first mortgage refinancing of Gracie Mews, a luxury Upper East Side multifamily building located at 401 East 80th St., on behalf of an affiliate of Jack Resnick & Sons.
The 310-unit, 35-story property was developed in 1980 by Jack Resnick & Sons, which was founded in 1928 and now spans three generations of family leadership. The 10-year, fixed-rate loan was secured with John Hancock Life Insurance Company (Manulife Real Estate Finance Group) to repay an existing loan with MetLife.
Avison Young’s tri-state debt and equity finance team led by principal and co-leads Scott 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’re proud to represent a respected firm with a century-long legacy and to work alongside Jonathan Resnick and his team as they carry that tradition forward,” said Scott Singer. “Manulife stepped up to compete with the Agencies and won the transaction with a combination of aggressive pricing and efficient execution.”
Gracie Mews occupies a blockfront on the Upper East Side near Carl Schurz Park, museums, shopping and dining options. Designed by architect Philip Birnbaum, Gracie Mews is an Upper East Side residence offering amenities including the Gracie Mews Pool and Health Club, a new rooftop fitness center with a pool, on-site parking garage and 24-hour concierge.
“This refinancing serves as a validation from the lending community of our long-term stewardship of Gracie Mews and its continued popularity,” said Jonathan Resnick, president of Jack Resnick & Sons. “We are happy to establish a new relationship with Manulife while further strengthening our decadeslong partnership with the Singers and now Avison Young’s tri-state debt and equity finance team. We appreciate the collaborative efforts to complete this deal expeditiously in a tough capital markets environment.”
“We are pleased to begin our relationship with Jack Resnick & Sons and to close our third loan recently with a New York City multi-generation family office represented by Avison Young’s tri-state debt and equity finance team,” said David Connors, managing director/regional manager of Manulife Real Estate Finance Group.