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40 Exchange Place Secures $100M Refi for JV Ownership Group

As Capital Improvements Work Winds Down, GFP/Northwind-Group Takes Long-Term Loan from Capital One
May 31, 2018
GFP Real Estate LLC and Northwind Group, current landlords of the Lords Court Building at 40 Exchange Place in New York City, say they have closed on a $100 million refinance for the historic FiDi office building they purchased in 2015.

A total renovation of the 300,000-square-foot property is drawing to a close. Common areas, elevator cabs, tenant spaces, HVAC and safety systems and restrooms have all been redone. The building’s façade was restored, and a new roof and new storefronts installed. About 15,000 square feet of the property is now designated as retail space.

Capital One Bank provided a new 10-year, fixed-rate loan. Proceeds from the loan will go towards retiring construction debt that facilitated the building renovations.

"We received a very strong response from a number of lenders, including insurance companies, banks and conduits," explained Paul Talbot, who arranged financing as a senior managing director with Newmark Knight Frank. But Capital One "understood our requirements" and worked with the borrowers to lock in a rate early, giving them the flexibility to complete renovations, added Talbot.

Brian Steinwurtzel, co-chief executive of GFP, noted that leasing activity has been strong. GFP and Northwind Group expect the building to reach 90-percent occupancy within the next six months.

According to CoStar research, recent tenants to move into the 20-story property over the past year include co-working group Knotel and law firm Kaufman Dolowich & Voluck. Other tenants at the building include media companies Multicultural Radio Broadcasting and Sino Television, with approximately 45,200 square feet available for lease at 40 Exchange Place.

For the Record:

Northwind and GFP acquired the office building from Weiss Realty in November 2015 for $115 million, or $383 per square foot. The masonry building was originally constructed in 1893.
See CoStar COMPS #3441269 for additional information on this transaction.

Diana Bell, New York City Market Reporter  CoStar Group   
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