Newmark facilitated $191.5 million in construction financing for the redevelopment of 40 Exchange Pl., the onetime home of the New York Stock Exchange in Lower Manhattan’s Financial District. Co-president of Global Debt & Structured Finance Jordan Roeschlaub and vice chairman Chris Kramer secured the financing on behalf of owner GFP Real Estate, with support from associate director Tim Polglase. The funds were provided by Derby Lane, an alternative asset manager focused on capital solutions within real estate credit.
Marking GFP’s third residential repositioning in Lower Manhattan, 40 Exchange Pl. will be converted into a residential property offering 382 multifamily units, including a mix of fair-market and affordable housing, alongside ground-floor retail and a full suite of tenant amenities. The conversion will be supported by federal and state Historic Rehabilitation Tax Credits and a 35-year 467-m tax abatement upon completion.
The 40 Exchange Pl. project builds on GFP’s recent delivery of 25 Water St. and ongoing conversion of 222 Broadway.
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