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PGIM Real Estate
Press Release

PGIM Real Estate arranges $100M refinancing for 52 Broadway in Manhattan’s Financial DistrictPGIMRealEstatearranges$100Mrefinancingfor52BroadwayinManhattan’sFinancialDistrict

By PGIM Global Communications — Jul 9, 2020

3 mins

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NEW YORK, July 9, 2020 – PGIM Real Estate has arranged $100 million 15-year refinancing for 52 Broadway, a 19-story, 426,000-square-foot office tower located in Manhattan’s Financial District. The loan was secured by a partnership between Jack Resnick & Sons and Ruben Companies. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.3 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).

52 Broadway, a 19-story, 426,000-square-foot office tower located in Manhattan’s Financial District.

Situated at the corner of Broadway and Exchange Place, 52 Broadway is net leased on a long-term basis to the United Federation of Teachers (UFT). The property, along with the adjacent building at 50 Broadway, serves as UFT’s headquarters. It features a 1,000-person auditorium and 35 parking spaces in a below-grade garage. 52 Broadway comprises the entire blockfront of Exchange Place between Broadway and New Street and is located less than two blocks from the New York Stock Exchange.

“We were glad to be able to accommodate a long-term client by providing replacement financing for its maturing CMBS loan, while navigating the many complexities associated with arranging financing in this challenging environment,” said Tom Goodsite, PGIM Real Estate’s managing director, who led the transaction on the company’s behalf.

Goodsite added, “We were able to lock in a rate in mid-April—about a month after receiving the initial request—and had the property inspected and toured after the rate-lock. The strength of our relationship with the borrower and the strength of the asset itself allowed us to move forward with the transaction at that time, despite the uncertain climate and while in the midst of New York City’s lockdown.”

The borrower was represented by its longtime mortgage broker, The Singer & Bassuk Organization (SBO). SBO has arranged the financing of this property three times since 2002 and has arranged well in excess of $1 billion of financing for Jack Resnick & Sons in recent years.

About PGIM Real Estate

As one of the largest real estate managers in the world with $179.4 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.3 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).

PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the deep local expertise of professionals in 31 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.

About PGIM and Prudential Financial, Inc.

PGIM, the global asset management business of Prudential Financial, Inc., “PFI” (NYSE: PRU), ranks among the top 10 largest asset managers in the world3 with more than $1.3 trillion in assets under management as of March 31, 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

PFI’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PFI, please visit news.prudential.com.

PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

1 As of March 31, 2020, net AUM is $118.7 billion and AUA is $37.9 billion.

2 Includes legacy lending through PGIM’s parent company, PFI.

3 Pensions & Investments Top Money Managers list, June 1, 2020; based on Prudential Financial, Inc. (PFI) total worldwide assets under management as of March 31, 2020.

For Professional Investors only. All investments involve risk, including the possible loss of capital.

PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, Pramerica, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide.

REF: a0F4R00002Th53FUAR

Media Contact

Caroline Bligh

973-802-6837

caroline.bligh@pgim.com

  • By PGIM Global CommunicationsNewsroom, PGIM

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For Professional Investors only. All investments involve risk, including the possible loss of capital.

This material is for informational and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. PGIM is the principal asset management business of Prudential Financial, Inc. and a trading name of PGIM, Inc. and its global subsidiaries. PGIM, Inc. is a registered investment adviser with the U.S. Securities and Exchange Commission (“SEC”). Registration with the SEC does not imply a certain level of skill or training.

The information on this website is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. In making the information available on this website, PGIM, Inc. and its affiliates are not acting as your fiduciary.    

In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), information is issued by PGIM Netherlands B.V. with registered office: Gustav Mahlerlaan 1212, 1081 LA Amsterdam, The Netherlands. PGIM Netherlands B.V. is, authorised by the Autoriteit Financiële Markten (“AFM”) in the Netherlands (Registration number 15003620) and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Netherlands B.V. to persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II). In Italy, information is provided by PGIM Limited authorized to operate in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB). 

In Japan, information is provided by PGIM Japan Co., Ltd. (“PGIM Japan”) and/or PGIM Real Estate (Japan) Ltd. (“PGIMREJ”).  PGIM Japan, a registered Financial Instruments Business Operator with the Financial Services Agency of Japan offers various investment management services in Japan.  PGIMREJ is a Japanese real estate asset manager that is registered with the Kanto Local Finance Bureau of Japan.

In Hong Kong, information is provided by PGIM (Hong Kong) Limited, a regulated entity with the Securities & Futures Commission in Hong Kong to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, information is issued by PGIM (Singapore) Pte. Ltd. (“PGIM Singapore”), a regulated entity with the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management and an exempt financial adviser. This material is issued by PGIM Singapore for the general information of “institutional investors” pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the “SFA”) and “accredited investors” and other relevant persons in accordance with the conditions specified in Section 305 of the SFA. In South Korea, information is issued by PGIM, Inc., which is licensed to provide discretionary investment management services directly to South Korean qualified institutional investors on a cross-border basis.   

Prudential Financial, Inc. (“PFI”) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. 

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