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Film Center Building Gets Renovation and $75M Refi

GFP Real Estate borrowed $75 million to refinance 630 Ninth Ave., the recently-renovated landmark also known as the Film Center Building.

The 250,000-square-foot Art Deco building was built in 1929 to serve the film industry. GFP’s renovation replaced windows, windows and common areas, and converted 25,000 square feet of obsolete film vaults into new office space.

“Once the prospective lenders understood the increase in net income derived from the additional space created from the film vaults, I was able to secure strong interest from life insurance companies, banks and conduits which resulted in an aggressive spread of 133 basis points over the 10-year treasury swap for the interest only loan,” said Paul Talbot, senior managing director with Newmark Knight Frank, who arranged the loan.

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