Manulife’s John Hancock Refis Upper East Side Residential Tower

A Jack Resnick & Sons affiliate has secured an $80 million loan to refinance a multifamily tower on Manhattan’s Upper East Side, Commercial Observer has learned.

Manulife’s John Hancock Life Insurance Company provided the 10-year, fixed-rate loan for the 35-story Gracie Mews property at 401 East 80th Street developed by Jack Resnick & Sons in 1980. 

Avison Young arranged the loan with a tri-state debt and equity finance team led by Scott Singer, Andy Singer, Kevin Swartz and Jeffrey Moroch. The brokers also negotiated a loan for 401 East 80th from MetLife 10 years ago with The Singer & Bassuk Organization.

“Manulife stepped up to compete with the agencies and won the transaction with a combination of aggressive pricing and efficient execution,” Scott Singer said in a statement. 

Located a half mile southwest of Carl Schurz Park, the Philip Birnbaum-designed Gracie Mews building consists of 310 apartments. Community amenities include a health club, a fitness center and a pool. 

“This refinancing serves as a validation from the lending community of our long-term stewardship of Gracie Mews and its continued popularity,” Jonathan Resnick, president of Jack Resnick & Sons, said in a statement. 

David N. Connors, managing director and regional manager of Manulife Real Estate Finance Group, said in a statement the loan marks the first closed with Jack Resnick & Sons and third recent deal facilitated by Avison Young’s tri-state debt and equity finance team.

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