Apple Bank Provides GFP Real Estate With $54M ReFi for SoHo Office Building
10-year, floating rate loan replaces a 10-year loan originally held by Capital One and Fortress Investment Group
By Brian Pascus April 8, 2024 11:52 am
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Jeffrey Gural’s GFP Real Estate has secured a $54 million loan to refinance 594 Broadway, a 12-story, 250,000 square-foot office building in the SoHo district of Manhattan, Commercial Observer has learned.
The 10-year, floating-rate loan was provided by Apple Bank and replaces a 10-year loan that was originally held by Capital One (COF) and Fortress Investment Group between 2013 and 2024. Newmark (NMRK)’s Paul Talbot arranged the financing on behalf of GFP Real Estate, while Cynthia Wang and Howard Hsu represented Apple Bank on the transaction.
“We’ve consistently found Apple Bank to be a trusted partner with a deep understanding of the New York City office market and the ability to transact,” Gural, chairman and principal of GFP Real Estate, said in a statement.
Newmark’s Talbot noted that Wang and Hsu of Apple Bank worked closely with Giural and Neith Stone at GFP Real Estate
“We were able to structure a unique floating loan that offers the flexibility to take advantage of the potentially lower rates expected down the line,” Talbot said in a statement.
Built in 1898 as a department store, 594 Broadway features loft-like spaces tucked between wide-set windows, exposed limestone and 19th-century columns. GFP Real Estate is set to unveil a renovated lobby later this year and the building boasts 100 percent occupancy. Tenants include Hornet Animations, nonprofit Housing Works, earring brand Studs, and retailers Athleta and Wilson.
“594 Broadway is a magnet for creatives and start-up firms seeking a certain ‘cool’ factor in a prime SoHo location,” said Stone, in a statement. “We’ve seen impressive leasing activity and high tenant renewal rates in our SoHo portfolio, which reflects not only the submarket’s strength post-COVID but also our dedication to continuously improving our assets.”
Brian Pascus can be reached at bpascus@commercialobserver.com
