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Square Mile Provides $430M for GFP’s Downtown Redevelopment
GFP Real Estate and Northwind Group closed a $430-million construction loan with Square Mile Capital Management for the redevelopment of 100 Pearl St. (a/k/a 50 Water St.) in the Financial District. A Cushman & Wakefield capital markets team of Adam Spies, Doug Harmon, Adam Doneger and Josh King arranged the sale, while their colleagues Gideon Gil, Alex Hernandez, Thomas Sullivan and Zach Kraft arranged the financing.
Led by the Gural family, GFP and its partners have already leased the 526,552-square-foot 50 Water St. portion of the building to New York City Health + Hospitals. An NKF office leasing team led by Hal Stein, Andy Peretz and Ben Shapiro, and a retail team led by Benjamin Birnbaum, are working to lease the remaining space at 100 Pearl.
“We have always believed in the re-emergence of Downtown as a place where leading tenants want to be,” said Brian Steinwurtzel, co-CEO of GFP.
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