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
$87,000,000
$115/SF
Building Size
754,487 SF
Asset Type
Office
Closing
May 2, 2022
About this deal
AI
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.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93