GFP Real Estate Refinances Garment District Office Building With $87M Loan From Apple Bank
FINANCED
$87,000,000
New York
See Similar DealsOffice754,487 SF
Financed 05/03/2022
FINANCED
GFP Real Estate Refinances Garment District Office Building With $87M Loan From Apple Bank
520 8th Avenue, New York City, New York 10018, United States
See Similar DealsOffice754,487 SF
Financed 05/03/2022
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$115
Total Square Footage:754,487 SF
Transaction Type:Loan
In a recent transaction in the Garment District, a commercial office property located at 520 8th Avenue has secured a refinancing loan. The property, spanning approximately 754,487 square feet, is owned by GFP Real Estate.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $87,000,000
- Date: 05/03/2022
- Lender: Apple Bank for Savings
- Landlord: GFP Real Estate
The financing was provided by Apple Bank for Savings. The loan amount of $87,000,000 will be used to refinance the property at 520 8th Avenue. This prominent deal in the Garment District involved key individuals including Eric M. Gural, AnnyRose Pahl, Jeffrey Gural, Jane Gural-Senders, and Brian R. Steinwurtzel.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$87,000,000.00
Monthly NOI$580,000.00
Monthly Debt Service$549,899.18
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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