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
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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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