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40 Exchange Place Garners $100M Refi
GFP Real Estate and Northwind Group have closed on $100 million in refinancing for 40 Exchange Place, a 20-story, 300,000-square-foot office and retail building in Manhattan’s Financial District. The partnership acquired 40 Exchange in November 2016, and has since implemented a comprehensive capital improvement program.
Paul Talbot, senior managing director with NKF, arranged the 10-year, fixed-rate refinancing loan on behalf of ownership through Capital One Bank. “We received a very strong response from a number of lenders, including insurance companies, banks and conduits,” said Talbot. “Capital One understood our requirements, and worked with us to lock our rate early while providing the flexibility to complete our renovation.”
GFP co-CEO Brian Steinwurtzel said that strong leasing activity at the property, which is expected to exceed 90% occupancy within six months, meant that “the time was right to refinance from a construction loan to long-term financing.”
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- ◦Financing
