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GFP Refis Newburgh Industrial Leased to NYDOT
GFP Real Estate, LLC closed on a $13,000,000 bridge refinancing loan for 3 Enterprise Dr., a 348,352-square-foot industrial property located in Newburgh, NY. The two-year, interest-only loan was provided by Customers Bank.
“The active industrial market, excellent location adjacent to Stewart International Airport and I-84 and the NY State Thruway, plus the experience of long-term ownership by Jeffrey Gural and GFP Real Estate, created numerous lender interests in refinancing this property,” said Paul Talbot, senior managing director at Newmark, who represented GFP in securing the loan. “Greg Fantauzzi and his team at Customers Bank were selected because they took the application on Nov. 21, underwrote, got approval and closed in just over 30 days.”
Situated on a 10.88-acre parcel adjacent to Stewart International Airport, 3 Enterprise Dr. benefits from its strategic location. The property’s leasehold interest is encumbered by a long-term ground lease from the New York State Department of Transportation, which began in September 1985 and runs through August 31, 2045, with a 25-year renewal option.
- ◦Financing
