{"id":1004783770,"date":"2026-01-14T02:53:59","date_gmt":"2026-01-14T10:53:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004783770"},"modified":"2026-01-14T02:54:01","modified_gmt":"2026-01-14T10:54:01","slug":"gfp-lands-87m-refi-for-manhattan-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gfp-lands-87m-refi-for-manhattan-office-tower\/","title":{"rendered":"GFP Lands $87M Refi for Manhattan Office Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a10f1fe74445&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"621\" height=\"465\" data-attachment-id=\"1004783771\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-87m-refi-for-manhattan-office-tower\/515-madison-avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/515-Madison-Avenue.jpg\" data-orig-size=\"621,465\" 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=\"515 Madison Avenue\" data-image-description=\"&lt;p&gt;https:\/\/www.citybiz.co\/article\/793140\/gfp-real-estate-closes-on-86-5m-refi-for-515-madison-ave\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The high-rise underwent renovations in 2009. Image courtesy of GFP Real Estate&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/515-Madison-Avenue.jpg?w=621\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/515-Madison-Avenue.jpg\" alt=\"Exterior shot of 515 Madison Ave., a Manhattan office building.\" class=\"wp-image-1004783771\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/515-Madison-Avenue.jpg 621w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/515-Madison-Avenue.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 621px) 100vw, 621px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The high-rise underwent renovations in 2009. <em>Image courtesy of GFP Real Estate<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>GFP Real Estate has landed an $86.5 million refinancing loan for 515 Madison Ave., a 350,000-square-foot office building in Manhattan. Apple Bank provided the note.<\/p>\n\n\n\n<p>As part of the transaction, GFP acquired a minority interest in the property owned by ATCO, bringing its ownership stake to 100 percent. Newmark Senior Managing Director Paul Talbot represented the firm in securing the financing.<\/p>\n\n\n\n<p>The 10-year, floating-rate permanent loan replaces an existing $120 million mortgage obtained in 2012, which was subsequently paid down to $81 million. Wells Fargo Bank originated that note, set to mature at the beginning of this year, Yardi Matrix information shows.<\/p>\n\n\n\n<p>GFP also uses the property as its headquarters. The building was 99 percent leased at the time of the deal, with tenants including Encore Physical Therapy and Longacre Asset Management.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/www.commercialsearch.com\/news\/commercial-and-multifamily-borrowing-increased-36-percent-in-the-third-quarter-of-2025\/\">office loan originations<\/a> increased 181 percent year-over-year in the third quarter of last year, according to a Mortgage Bankers Association report. Quarter-over-quarter growth totaled 67 percent, underscoring a recovery that mirrors broader shifts in <a href=\"https:\/\/www.commercialsearch.com\/news\/office-industry-trends\/\">office real estate trends<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-dumont-building-up-close\">DuMont Building, up close<\/h2>\n\n\n\n<p>Located within the borough\u2019s Plaza district, the 42-story high-rise is close to Rockefeller Center and less than 2 miles from the Empire State Building.<\/p>\n\n\n\n<p>Built in 1932, the property is also known as the DuMont Building and was designed by John H. Carpenter. The tower initially had a part in the first television broadcast of Allen DuMont\u2019s experimental station.<\/p>\n\n\n\n<p>The building underwent upgrades in 2009, including entrance and lobby renovations. The LEED-certified high-rise has floorplates ranging from 3,956 to 16,346 square feet, along with 8,000 square feet of first-floor retail space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apple Bank provided the note.<\/p>\n","protected":false},"author":3355,"featured_media":1004783771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[52099,42380,50999],"class_list":["post-1004783770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-apple-bank","tag-gfp-real-estate","tag-newmark"],"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>GFP Lands $87M Refi for Manhattan Office Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"GFP Real Estate landed an $86.5 million refinancing loan for 515 Madison Ave, a Manhattan office building, from Apple Bank.\" \/>\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\/gfp-lands-87m-refi-for-manhattan-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GFP Lands $87M Refi for Manhattan Office Tower\" \/>\n<meta property=\"og:description\" content=\"GFP Real Estate landed an $86.5 million refinancing loan for 515 Madison Ave, a Manhattan office building, from Apple Bank.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-87m-refi-for-manhattan-office-tower\/\" \/>\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=\"2026-01-14T10:53:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-14T10:54:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/515-Madison-Avenue.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"621\" \/>\n\t<meta property=\"og:image:height\" content=\"465\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\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\/gfp-lands-87m-refi-for-manhattan-office-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-87m-refi-for-manhattan-office-tower\/\",\"name\":\"GFP Lands $87M Refi for Manhattan Office Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-87m-refi-for-manhattan-office-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-87m-refi-for-manhattan-office-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/515-Madison-Avenue.jpg\",\"datePublished\":\"2026-01-14T10:53:59+00:00\",\"dateModified\":\"2026-01-14T10:54:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"GFP Real Estate landed an $86.5 million refinancing loan for 515 Madison Ave, a Manhattan office building, from Apple Bank.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-87m-refi-for-manhattan-office-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-87m-refi-for-manhattan-office-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-87m-refi-for-manhattan-office-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/515-Madison-Avenue.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/01\/515-Madison-Avenue.jpg\",\"width\":621,\"height\":465,\"caption\":\"The high-rise underwent renovations in 2009. 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