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GFP Secures $23M Refi on TriBeCa Offices
GFP Real Estate, LLC closed on a $23.3-million loan from Capital One to refinance 71 Thomas St. (a.k.a. 151 West Broadway), a seven-story, 133,000-square-foot building in TriBeCa occupied by The Supreme Court of the State of New York and the New York City Human Resources Administration.
The 2.56%, fixed-rate interest-only loan has an LTV of 55% and matures in August of 2026, replacing an existing $22-million mortgage. Paul Talbot, senior managing director of Newmark, represented GFP in securing the loan.
“Due to the strong, long-term ownership of the property and the building’s credit tenants, we received interest from numerous lenders proposing very attractive offers, including interest-only terms and attractive rates below 2.6%,” said Talbot.
71 Thomas St. has been in GFP’s portfolio since 1982. Jeffrey Gural, principal and chairman of GFP, said the firm looks forward to continuing its long-term relationship with the property’s longtime tenants.
- ◦Financing
