GFP Real Estate has closed on a $60,000,000 loan from Apple Bank to refinance 200 Varick St., a 12-story, 490,000-square-foot office building in Hudson Square. The new 10-year, 3.50% fixed-rate loan matures in 2032, is interest-only for the first year—and replaces an existing $56,000,000, 3.538% loan whose balance had been amortized from $70,000,000.
Paul Talbot, senior managing director of Newmark, represented GFP in securing the loan.
“As a result of our strong relationship with Apple Bank, we were able to arrange for the defeasance of the previous loan while simultaneously coordinating and closing the new one,” said Talbot. “This allowed GFP Real Estate to lock in a great interest rate and execute everything seamlessly.”
Major tenants at the 91% leased 200 Varick include AHRC New York City and the Omnicom Group. The property has seen more than 55,000 square feet in new leases over the past year
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).