Morgan Stanley, Sociétée Géenéerale Provide $147M Refi for 255 Greenwich

An affiliate of Jack Resnick & Sons has sealed $147 million of commercial mortgage-backed securities (CMBS) debt to refinance a Lower Manhattan office asset, Commercial Observer has learned.

Morgan Stanley and Société Générale originated the 10-year CMBS loan to repay past debt from MetLife on the 14-story 255 Greenwich Street property, which sits adjacent to One World Trade Center. Jack Resnick & Sons, which was founded in 1928 and is now led by Jonathan Resnick, developed the 14-story complex in 1987. 

Avison Young arranged the transaction with a tri-state debt and equity finance team led by Scott Singer, Andy Singer, Kevin Swartz and Jeffrey Moroch. The team also facilitated the original loan from MetLife on 255 Greenwich 10 years ago with The Singer & Bassuk Organization, a firm that was acquired by Avison Young in 2021.

“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,” Scott Singer said in a statement. “Morgan Stanley as lead and Soc Gen as co-lender provided a smooth execution for this important Avison Young client.”

The more than 600,000 square-foot 255 Greenwich inked a 10-year lease from information technology services firm Pearson VUE in May, CO first reported at the time. Anchor tenants include Cornell University, Icahn School of Medicine at Mount Sinai, the City of New York, City University of New York and Target.

“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,” Jonathan Resnick said in a statement. 

Morgan Stanley and Societe Generale did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.