Prudential property fund borrows $74M from Prudential Annuities Life to refi rental in Gramercy

PGIM Real Estate through the entity 210-220 E. 22nd Street SSGA Owner, LLC as borrower signed a loan agreement with lender Prudential Annuities Life Assurance Corporation valued at $74 million for 2 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 210 residential units at 220 East 22nd Street, 210 East 22nd Street in Gramercy. The deal closed on June 3, 2020 and was recorded on June 5, 2020.
The property has 143,186 square feet of built and available development rights.
The average loan per unit is $352,407.
PGIM, an affiliate of Prudential Financial, refinanced a loan originally valued at $75 million that was given by Nationwide Life Insurance in 2018. PGIM acquired the property on September 24, 2015, for $73 million. PGIM is the global asset management affiliate of Prudential Financial, Inc.

Over the past five years, there have been 59 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 59 renovation/alteration projects (A2) applied for with a total estimated value of $5,268,325.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link