GFI ups debt to $195M for FiDi hotel

GFI Capital Resources Group through the entity 5 Beekman Hotel Owner LLC as borrower signed a refi loan with lender Access Point Financial valued at $195 million for two hotel properties including the Beekman Hotel at 5 Beekman Street in Financial District, Manhattan.
The deal closed on January 15, 2025 and was recorded on February 7, 2025. The prior lender was Bank OZK which held debt that had an original loan amount of $130 million. The building is divided into two commercial condominiums that have a combined 180,093 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,082 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 Access Point Financial was Justin S. Perry.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 5 Beekman Street.

The property

The hotel condo in Financial District has 180,093 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 178,118 square feet. The city-designated market value for the property in 2022 is $44.1 million. The most recent loan totaled $130 million and was provided by Bank OZK on January 20, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 5 BEEKMAN PROPERTY OWNER LLC to create 68 residential units and 2 commercial units in a building at 3 Beekman Street in Financial District, Manhattan, called Beekman Residences Condominiumthat has a $221.4 million sellout, according to an March 25, 2014 submission to the New York State Attorney General. The principal of the sponsor, 5 BEEKMAN PROPERTY OWNER LLC, was Allen Gross.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 13.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On the tax block of 5 Beekman Street, PincusCo has identified the owners of two of the seven commercial properties representing 44,273 square feet of the 321,773 square feet. The two identified owners are Circle F Capital and Atlas Capital Group.
On the tax block, there were three new building construction projects totaling 360,621 square feet. The largest is a 110-unit, 266,238 square-foot residential (R-2) building submitted by L+M Development Partners and filed by David Dishy with plans filed April 5, 2016 and permitted December 1, 2016. The second largest is a 31-unit, 72,901 square-foot residential (R-2) building submitted by Ira Weidhorn with plans filed July 15, 2015 and permitted June 3, 2016.

The majority, or 83 percent of the 321,773 square feet of built space are elevator buildings, with retail buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Gfi Capital Resources Group owned at least five commercial properties with 38 residential units in New York City with 204,233 square feet and a city-determined market value of $72 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 81 percent of the 204,233 square feet of built space are hotel properties, with elevator properties next occupying 15 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Manhattan next at 19 percent of the space.

Direct link to Acris document. link