Prudential provides $70m loan on Midtown Manhattan office building

Prudential Life Insurance Co. of America has provided a $70 million mortgage to an affiliate of ATCO Properties and Management on the Emory Roth Office Building in Midtown East, Manhattan.

The 245,000 sq ft property, built in 1958, is located at 630 Third Avenue and East 41st Street.

The new agreement combines $11.9 million in existing debt on the property with a new $58 million loan, according to New York City property records. The existing debt was unpaid principle that the borrower owed Guardian Life Insurance Co. of America on a $16 million previous mortgage from 2001.

Prudential Life Insurance Co. of America declined to comment or disclose details of the loan and ATCO Properties and Management did not respond to requests for comment.

The borrower is an affiliate of ATCO Properties and Management, which owns and manages over 2 million sq ft of residential, commercial, industrial and retail nationwide, with primary holdings in New York City including office buildings at 555 Fifth Avenue, 373 Park Avenue, 381 Park Avenue and a luxury apartment building at 40 Central Park South.

Prudential Mortgage Capital Company recently provided a 10-year, $148 million loan for an eight-property industrial portfolio in the Greater Toronto Area, and last year the mortgage lending arm provided a $161.3 million Freddie Mac loan to Corigin Real Estate Group for a century-old New York University student dorm at 80 Lafayette Street. Prudential Financial, Inc. has more than $1 trillion of assets under management as of September 30, 2015.