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

Newmark Arranges Refi on Leased Fee Interest in 32 Old Slip

Newmark said Tuesday that it had arranged a $167-million loan on behalf of Safehold and Melohn Capital for the refinancing of the leased fee interest in the land beneath 32 Old Slip, a 36-story office tower in Lower Manhattan that is also known as One Financial Square.

Co-president of Global Debt & Structured Finance Jordan Roeschlaub, senior managing director Daniel Fromm and director John Caraviello secured the financing from Goldman Sachs, Barclays and Morgan Stanley. Terms of the financing were not disclosed.

Originally acquired in 2015, the leased fee interest is subject to a long-term ground lease with an affiliate of RXR. The owner, operator and developer owns the improvements on the site, which comprise a 1.2-million-square-foot Class A office tower. A CBRE agency team handles office leasing at the property, originally developed in 1987.

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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 16-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 7-10 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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