GFP Closes on $191M Refi for 40 Worth St.
GFP Real Estate has closed on a $191,000,000 interest-only permanent/construction loan for 40 Worth St., an 800,000-square-foot, full-block office building between West Broadway & Church Street in TriBeCa. The new seven-year loan, provided by a group of banks led by Wells Fargo and including TD Bank and BankUnited, replaces an existing $150-million loan and will be used primarily to facilitate the construction of The Legal Aid Society’s new 198,900-square-foot offices at the building.
Paul Talbot, senior managing director of Newmark, represented GFP. The initial funding of approximately $155,700,000 was fixed at closing, while the remaining $35,300,000 will be drawn over the next 18 to 24 months.
“Arranging a loan that required both construction and permanent funding for an office building in NYC made it imperative that the lenders understood the makeup and structure of the building’s tenants, as well as the strong, long-term ownership of GFP Real Estate,” said Talbot.
- ◦Financing
