AXA refinances Lower Manhattan tower with $295m loan

AXA Equitable Life Insurance Company has provided a $295 million refinancing package for Jake Resnick & Sons’ One Seaport Plaza in Lower Manhattan.

The loan takes out previous financing that Morgan Stanley Mortgage Capital provided on the office building in 2007.

The property, located at 199 Water Street, was one of many buildings in Lower Manhattan battered by Hurricane Sandy in 2012, its basement flooded with millions of gallons of seawater, making it no coincidence that the new loan includes $55 million in flood insurance, as outlined in loan agreement documents that appeared today in city public records.

A spokesperson for the borrower was unable to comment on the loan’s terms in time for publication.

Jack Resnick & Sons’ Manhattan portfolio includes roughly six million sq ft of commercial office and retail space, One Seaport Plaza being its signature office tower, and the firm has also developed and manages residential buildings.

The company built the 35-story, 1.1 million sq ft tower, designed by Swanke Hayden Connell Architects, in 1984. Tenants include AON Service Group, Allied World Insurance, BGC, Epsilon Data Management, SCOR Insurance, Tullet Prebon Americas and The Weisscomm Group.

In May, AXA and MetLife provided $500 million for the refinancing of a 29-story office building at 31 West 52nd Street in Midtown Manhattan, with AXA providing its $250 million share through advisor Quadrant Real Estate Advisors.