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Capital One Closes $150MM Loan to Refinance Tribeca Office Building

August 21, 2015, 07:33 AM
Filed Under: Real Estate

Capital One announced it served as joint lead arranger, joint bookrunner, and administrative agent for a ten-year, $150 million syndicated loan to refinance 40 Worth Street, a 16-story Tribeca office building owned by Newmark Holdings. TD Bank also served as a lead arranger and bookrunner on the loan.

40 Worth Street comprises 761,000 net rentable square feet, including 106,000 square feet of retail space, and currently houses offices for commercial businesses, several New York City agencies, and a number of nonprofits, among other tenants. Newmark Holdings currently manages approximately 42 buildings in the New York metropolitan area.

“Over the last five years, we have had the privilege of working with the Gural family and Newmark Holdings as it renovated and leased this historic structure,” said Paul Verdi, Senior Vice President in Capital One’s Commercial Real Estate Group. “When the building stabilized even faster than anticipated, we were very pleased that Newmark Holdings considered us to provide long-term financing.” New York’s Tribeca’s neighborhood is characterized by low vacancies, limited supply, and high demand.

“As we worked to better realize the potential of this property over the last few years, the team at Capital One always came to the table as if they were earning our business for the first time,” said Jeff Gural at Newmark Holdings. “We appreciate the effort and expertise they have contributed to the project and their willingness to collaborate with us to structure the transaction to meet our needs.”

Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending.

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