GFI Capital signs $130M refi loan with Bank OZK in FiDi
GFI Capital Resources Group through the entity 5 Beekman Hotel Master Tenant LLC as borrower signed a refi loan with lender Bank OZK valued at $130 million at 5 Beekman Street in Financial District, Manhattan and property at 123 Nassau Street in Financial District, Manhattan.
The deal closed on January 20, 2022 and was recorded on February 2, 2022. The prior lender was M&T Bank which held debt that had an original loan amount of $125 million.
The two properties have 180,093 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $721 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for GFI Capital Resources Group was Allen I. Gross. The signatory for Bank OZK was Clifton Hill.
(121329268)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 354 residential units on August 9, 2016.
The Beekman Hotel is a Thompson Hotel, according to Commercial Observer. This loan refinances older debt and adds to the reserves.
There was a condominium project filed with the address 3 Beekman Street and the name Beekman Residences Condominium (the) on March 25, 2014. The principals of the sponsor, 5 Beekman Property Owner Llc, was Allen Gross. link
Within a 400-foot radius of 5 Beekman Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was in new building development. It was a new building permit issued on December 11, 2021 for a 178,299-square-foot hotel R-1 building with one residential unit at 15 Beekman Street.
Of those 10 items, six were sales above $5 million totaling $177 million. The most recent of the six was Atlas Capital Group which bought one condo unit in the 24,122-square-foot, 325-unit mixed-use building (RD) on 15 Park Row for $10.1 million from J&R Music World on February 2, 2021.
Of those 10 items, three were loans above $5 million totaling $239.7 million. The most recent of the three was Atlas Capital Group which borrowed $109 million from Arbor Realty Trust secured by the 2,073-square-foot, one-unit industrial (Z9) on 19 Ann Street and five other properties on February 2, 2021.
Direct link to Acris document. link