The debt replaces and modifies a $35 million mortgage from Bear Stearns that was made in 2007 and securitized in the Morgan Stanley-sponsored MSC2007-T27 commercial mortgage-backed securities transaction. The ten-year loan was set to expire this May.
The property is a 22-story, 192,935-square-foot office building located on the corner of William and Ann Streets in the Financial District. It is 100 percent leased, according to Jack Resnick & Sons’ website. The building was built in 1951 and underwent a modernization in 2009, with renovations including a new marble lobby, a cooling tower, and upgraded elevator control systems.
Pace University is the property’s anchor tenant and leases 168,028 square feet, or 87 percent of leasable space. Its lease expires in October 2021, according to data from Trepp.
“We were happy to work with Jack Resnick & Sons to come up with a financing solution that met their needs for 161 William Street, where Pace University has been a long-term tenant,” said Jon Smith, a vice president in Capital One’s Commercial Real Estate Group.
Representatives for Jack Resnick & Sons and SBO did not immediately respond to requests for comment.