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GFP Real Estate Refinances Mixed-Use Property In Union Square With $24M Loan From Amalgamated Bank
FINANCED
$24,000,000
New York
See Similar DealsMixed-use
Financed 10/16/2023
FINANCED
GFP Real Estate Refinances Mixed-Use Property In Union Square With $24M Loan From Amalgamated Bank
5-9 Union Square West
See Similar DealsMixed-use
Financed 10/16/2023
Summary
NEW YORK
Asset Type:Mixed-use
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,000,000.00
Monthly NOI$160,000.00
Monthly Debt Service$151,696.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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