{"id":1004232080,"date":"2018-05-25T02:26:30","date_gmt":"2018-05-25T10:26:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004232080"},"modified":"2022-12-08T20:36:31","modified_gmt":"2022-12-09T04:36:31","slug":"manhattan-office-tower-lands-100m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/","title":{"rendered":"Manhattan Office Tower Lands $100M Refi"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004232096\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004232096\" data-attachment-id=\"1004232096\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/40-exchange-place-new-york\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"40 Exchange Place, New York\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;40 Exchange Place, New York&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg?w=800\" class=\"wp-image-1004232096 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg\" alt=\"40 Exchange Place, New York\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004232096\" class=\"wp-caption-text\">40 Exchange Place, New York<\/p><\/div>\n<p>The office tower at 40 Exchange Place in Manhattan\u2019s Financial District has been refinanced to the tune of $100 million. GFP Real Estate and Northwind Group, owners of the 300,000-square-foot property, secured the loan through Capital One Bank.<\/p>\n<p>Developed in 1902, 40 Exchange is just <a href=\"https:\/\/www.commercialsearch.com\/news\/downtown-manhattan-to-undergo-design-upgrades\/\">emerging from a comprehensive renovation<\/a> at the hands of GFP and Northwind. The partners kicked off a capital improvement program soon after acquiring the 20-story building from Weiss Realty for $115 million in late 2016.<\/p>\n<p><em>\u201cWe are excited to reach the final stages of the transformation and full renovation of 40 Exchange Place,\u201d<\/em> Brian Steinwurtzel, co-CEO of GFP Real Estate, said in a prepared statement. <em>\u201cLeasing activity has been strong, and we felt the time was right to refinance from a construction loan to long-term financing.&#8221;<\/em><\/p>\n<p>The Capital One financing came in the form of a 10-year, fixed-rate loan arranged by commercial real estate services firm Newmark Knight Frank.\u00a0It wasn\u2019t just banks that were attracted to the 40 Exchange opportunity. NKF also fielded responses from insurance companies and conduits as well.<\/p>\n<h2>Refinancing frenzy<\/h2>\n<p>Refinancing activity for all types of commercial real estate in the U.S. has been on a consistent upswing since 2015, reaching a record $246 billion in 2017, according to a report by NKF. Properties refinanced in the last three years account for roughly 50 percent of the refinance volume over the past 10 years.<\/p>\n<p>There\u2019s been no shortage of refinancings in the Manhattan office market. Notable transactions announced in the second quarter include joint venture partners Jack Resnick &amp; Sons and Ruben Cos.\u2019 securing of a $205 million loan through MetLife Investment Management for the 37-story asset at 110 E. 59th St. And more recently, Brookfield Properties landed a $1.2 billion loan, provided by Landesbank Baden-Wurttemberg, for the 1.8 million-square-foot 5 Manhattan West office and retail tower.<\/p>\n<p><em>Image courtesy of Northwind Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Partners GFP Real Estate and Northwind Group secured the 10-year loan, provided by Capital One Bank, for a 300,000-square-foot property in the Financial District.<\/p>\n","protected":false},"author":969,"featured_media":1004232096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[40482,36007,40480],"class_list":["post-1004232080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-capital-one-bank","tag-newmark-knight-frank","tag-northwind-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Manhattan Office Tower Lands $100M Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Office Tower Lands $100M Refi\" \/>\n<meta property=\"og:description\" content=\"Partners GFP Real Estate and Northwind Group secured the 10-year loan, provided by Capital One Bank, for a 300,000-square-foot property in the Financial District.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-25T10:26:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:36:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/\",\"name\":\"Manhattan Office Tower Lands $100M Refi - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg\",\"datePublished\":\"2018-05-25T10:26:30+00:00\",\"dateModified\":\"2022-12-09T04:36:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg\",\"width\":800,\"height\":620,\"caption\":\"40 Exchange Place, New York\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Manhattan Office Tower Lands $100M Refi\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Manhattan Office Tower Lands $100M Refi - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/","og_locale":"en_US","og_type":"article","og_title":"Manhattan Office Tower Lands $100M Refi","og_description":"Partners GFP Real Estate and Northwind Group secured the 10-year loan, provided by Capital One Bank, for a 300,000-square-foot property in the Financial District.","og_url":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-05-25T10:26:30+00:00","article_modified_time":"2022-12-09T04:36:31+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg","type":"image\/jpeg"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/","url":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/","name":"Manhattan Office Tower Lands $100M Refi - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg","datePublished":"2018-05-25T10:26:30+00:00","dateModified":"2022-12-09T04:36:31+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg","width":800,"height":620,"caption":"40 Exchange Place, New York"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-lands-100m-refi\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Manhattan Office Tower Lands $100M Refi"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/40-Exchange-Place-New-York.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004232080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004232080"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004232080\/revisions"}],"predecessor-version":[{"id":1004232100,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004232080\/revisions\/1004232100"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004232096"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004232080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004232080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004232080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}