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5-9 Union Square West

GFP Real Estate Refinances Mixed-Use Property In Union Square With $24M Loan From Amalgamated Bank
FINANCEDMixed-use

GFP Real Estate Refinances Mixed-Use Property In Union Square With $24M Loan From Amalgamated Bank

5-9 Union Square West

$24,000,000

Building Size

Asset Type

Mixed-use

Closing

Oct 16, 2023

AI

GFP Real Estate has secured a $24 million debt package from Amalgamated Bank to refinance its mixed-use property at 5-9 Union Square West in Manhattan. The property, located in Union Square, features Staples as a retail anchor and is owned by Jeff Gural of GFP Real Estate.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $24,000,000
  • Lender: Amalgamated Bank
  • Landlord: Jeff Gural - GFP Real Estate
  • Broker: Paul Talbot - Newmark
  • Loan Type: Refinance

In addition to securing the loan from Amalgamated Bank, the deal was facilitated by Paul Talbot of Newmark, who served as GFP Real Estate's broker representative. This refinancing transaction provides GFP Real Estate with the necessary funding to continue its operations and investments in the property at 5-9 Union Square West.

Players

Paul Talbot

Newmark

Broker

$597.6M

vol

17 deals

Broker
Amalgamated Bank
Amalgamated BankLender
GFP Real Estate
GFP Real EstateLandlord

New York Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.66%

Cash-on-Cash

-0.19%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93