GFP Real Estate borrows $194M from CTL Capital for multifamily property in Gramercy

GFP Real Estate through the entity 301 First Owner LLC as borrower signed a loan agreement with lender CTL Capital through the entity Ctl Lending Group, LLC (which was then assigned to Wells Fargo )valued at $194 million for a multi-apartment dorm condo unit and a garage condo unit at 301 First Avenue in Gramercy. The deal closed on April 21, 2020 and was recorded on April 28, 2020.

GFP and Meadow Partners recorded the sale of the dormitory condominium unit to The New School for $65.4 million in February, but the sale is structured over time. The loan is for rehabilitation. The prior debt was from Mack Real Estate Credit Strategies.

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