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GFP Closes on Loan Extension for Dumont Building
GFP Real Estate has closed on a three-year loan extension with its lender on the Dumont Building at 515 Madison Ave. in Manhattan’s Plaza District. Crain’s New York reported in early February that a $103-million loan on the office tower had gone into default.
As part of the extension, GFP Real Estate has committed “significant new equity for future leasing and tenant improvement needs,” the company said. Iron Hound Management negotiated the extension on behalf of GFP.
515 Madison Ave. has secured more than 32,000 square feet in new leases this year, including high-end fashion retailers Zadig & Voltaire and Mark Ingram Atelier, among others. GFP expects to have the building fully leased by the end of the year.
- ◦Financing