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New York & Tri-State  + Downtown New York  + Finance  | 

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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