Updated Dec 2, 2025
GFP Real Estate And Metro Loft Secure $835M Refinancing From Apollo And GIC For Multifamily Asset
25 Water Street
$835,000,000
$1,032/SF
Building Size
809,000 SF
Asset Type
MultiFamily
Closing
Nov 25, 2025
About this deal
AI
The property asset involved in the transaction is located at 25 Water Street in the Financial District. The asset type is multifamily, consisting of 809,000 square feet and 1,320 units. The transaction is a refinance, with a loan amount of $835,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $835,000,000
- Address: 25 Water Street
- Market: Financial District
- Square Footage: 809,000
- Units: 1,320
- Lender: Apollo - Mark Rowan & GIC - Lim Chow Kiat
- Landlord: GFP Real Estate - Brian Steinwurtzel & Metro Loft - Nathan Berman
- Landlord's Rep: Jordan Roeschlaub, Christopher Kramer, John Caraviello & Tim Polglase - Newmark
- Loan Type: Refinance
The key individuals involved in the deal include Mark Rowan representing Apollo, Lim Chow Kiat representing GIC, Brian Steinwurtzel representing GFP Real Estate, and Nathan Berman representing Metro Loft. Additionally, Jordan Roeschlaub, Christopher Kramer, John Caraviello, and Tim Polglase acted as representatives for the landlords through Newmark.
On the Map
$835,000,000
$1,032/SF
MultiFamily
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Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93