Capital One Multifamily Finance Provides $75M Loan For Office In New York

The $75 million loan was recently secured by GFP Real Estate, formerly known as Newmark Holdings, to refinance the Film Center Building located at 630 9th Ave in New York, NY. The 14-story office building, situated between West 44th and 45th streets, is currently undergoing capital improvements including bathroom renovations, new windows, and the addition of 25,000 square feet of office space by converting film vaults. The building, built in the late 1920s, has historical significance as it was home to various film-related businesses.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $75,000,000.00
• Borrower's Rep: Matthew Mandell(GFP Real Estate)
• Lender: Capital One Multifamily Finance
• Address: 630 9th Ave, New York, NY, 10036
• Market: New York

Paul Talbot, a senior managing director with Newmark Knight Frank, facilitated the financing for GFP Real Estate. The interest-only loan was secured thanks to the conversion of the film vaults, which drew the attention of multiple lenders. Matthew Mandell, another senior managing director at Newmark, represented GFP in securing the loan. Additionally, Jeff Gural recently announced that his family's firm, Newmark Holdings, would be rebranded as GFP Real Estate to avoid confusion with its affiliate, Newmark Knight Frank.