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GFP Refinances 594 Broadway Office Tower In SoHo With $54M Loan From Apple Bank

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FINANCED
$54,000,000

New York

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Office
Financed 04/08/2024
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Property Image
FINANCED

GFP Refinances 594 Broadway Office Tower In SoHo With $54M Loan From Apple Bank

594 Broadway

See Similar Deals
Office
Financed 04/08/2024
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Summary

NEW YORK
Asset Type:Office
Transaction Type:Loan

The property involved in the transaction is 594 Broadway, located in SoHo, Manhattan. It is a 12-story office tower. The loan amount for this transaction was $54,000,000. The lender for this refinance loan was Apple Bank, with Cynthia Wang and Howard Hsu handling the loan. The landlord of the property is Jeff Gural, representing GFP Real Estate. The brokers involved in this deal were Neith Stone from GFP Real Estate and Paul Talbot from Newmark.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $54,000,000
  • Address: 594 Broadway
  • Market: SoHo, Manhattan

GFP Real Estate, LLC successfully closed a $54 million loan from Apple Bank to refinance the 12-story office tower at 594 Broadway in SoHo. The key individuals behind this deal include Neith Stone from GFP Real Estate and Paul Talbot from Newmark, who served as the brokers facilitating the transaction.

Players

Paul Talbot
17 deals$597.6M volume
BROKER

Neith Stone
GFP Real Estate
17 deals$54M volume
BROKER

Apple Bank
LENDER

Details

FINANCED
IMAGE: Neith Stone, Jeff Gural & Paul Talbot DATE: 04/08/2024 ADDRESS: 594 Broadway MARKET: SoHo, Manhattan ASSET TYPE: Office LENDER: Apple Bank - Cynthia Wang & Howard Hsu LANDLORD: Jeff Gural - GFP Real Estate (@GFPRealEstate) BROKERS: Neith Stone - GFP Real Estate & Paul Talbot - Newmark (@Newmark) LOAN AMOUNT: $54,000,000 LOAN TYPE: Refinance NOTE: GFP Real Estate, LLC has closed a $54 million loan from Apple Bank to refinance 594 Broadway, a 12-story office tower in SoHo.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$54,000,000.00

Monthly NOI$360,000.00
Monthly Debt Service$341,316.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00