GFP Real Estate Refinances Industrial Property With $23.3M Loan From Capital One

The property involved in this transaction is 71 Thomas St., also known as 151 West Broadway, located in New York, NY. This industrial asset is a seven-story building encompassing 133,000 square feet and currently houses the Supreme Court of the State of New York and the New York City Human Resources Administration. The refinancing was completed with a loan amount of $23,300,000.00.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $23,300,000.00
• Address: 151 W Broadway, New York, NY, 10013
• Market: New York
• Borrower's Representative: Paul Talbot - Newmark
• Lender: Capital One Multifamily Finance
• Loan Features: 2.56% fixed-rate interest-only loan, LTV of 55%, matures in August 2026
• Previous Mortgage: Replaced an existing $22 million mortgage
• Ownership Duration: Property has been in GFP's portfolio since 1982

Paul Talbot, senior managing director of Newmark, represented GFP Real Estate, LLC in securing the loan. GFP received interest from multiple lenders due to the property’s strong long-term ownership and credit tenants, leading to competitive offers with attractive rates below 2.6%. Jeffrey Gural, principal and chairman of GFP, expressed a commitment to continue the firm's long-term relationship with the tenants of the property.