GFP Real Estate closed on an $86,500,000 loan from Apple Bank for the refinancing of 515 Madison Ave., a historic 42-story, 350,000-square-foot class A office building also known as the DuMont Building and located in the Plaza District. The new 10-year, floating-rate permanent loan replaces an existing $120-million mortgage secured in 2012, which was subsequently paid down to $81 million.
Paul Talbot, senior managing director of Newmark, represented GFP in securing the loan. As part of the transaction, GFP acquired the minority interest in the building owned by ATCO Properties, bringing GFP’s ownership stake in the building to 100%. Iron Hound Management assisted in the negotiation of the extension of the initial loan on behalf of GFP in 2023.
“We’ve experienced many cycles over the years, and disciplined ownership has always been the key,” said Jeffrey Gural, chairman of GFP Real Estate. “The successful refinancing of 515 Madison Ave. reinforces the strength of well-located assets and the importance of long-term management.”
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