Apple Bank Refis 200 Varick Street With $60M Loan
By Andrew Coen May 24, 2022 11:07 am
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GFP Real Estate has landed a $60 million debt package to refinance 200 Varick Street, the landlord announced Tuesday.
Apple Bank provided the 10-year, 3.55 percent fixed-rate loan that is interest-only for the first year. It replaces an existing $56 million, 3.538 percent loan for the 12-story office property in Manhattan’s Hudson Square whose balance had been amortized from $70 million.
Newmark’s Paul Talbot arranged the transaction.
“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,” Talbot said in a statement. “This allowed GFP Real Estate to lock in a great interest rate and execute everything seamlessly.”
The 490,000-square-foot office asset is 91 percent leased, with AHRC New York City and the Omnicom Group among its major tenants. The 1927-built property has seen more than 55,000 square feet in new leases over the past year, including Reservoir Media, which inked 12,470 square feet in April.
Ground-floor retail tenants at 200 Varick include SOB’s Dinner Club, The Film Forum, Chipotle Mexican Grill, Global Newsstand, Chopt and FedEx.
“200 Varick continues to attract top creative, professional services looking for a certain ‘cool’ factor — exposed brick, tall ceilings, and great light and air. The building has defied the market post-COVID,” Jeffrey Gural, chairman and principal of GFP Real Estate, said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com.
