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

Newmark Holdings Obtains $30M for 5-9 Union Square Refi

Amalgamated Bank has provided a $30 million loan to Newmark Holdings to refinance the 105,000-square-foot, mixed-use 5-9 Union Square West in Manhattan. The bank also provided a previous $7 million debt originated in 2004 and consolidated in 2011.

Situated between East 14th and East 15th Streets in New York City, the property is more than 93% leased. According to Newmark Holdings, Amalgamated had been the existing lender and competed aggressively to keep the loan. Newmark Holdings ended up with financing that has a seven-year fixed interest rate of 3.1%, with the first five years being interest-only.

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Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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