NEW YORK CITY—Newmark Holdings has refinanced 40 Worth St., a 16-story office building it owns in Tribeca. The financing—a $150 million syndicated loan—was brought in by join lead arrangers and bookrunners Capital One and TD Bank.
The 761,000-square-foot building, which includes 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. Tribeca features low vacancies, limited supply, and high demand, according to Newmark.
“Over the last five years, we have had the privilege of working with Newmark Holdings as it renovated and leased this historic structure,” says Paul Verdi, SVP 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.”
Newmark Grubb Knight Frank chairman Jeff Gural says Capital One helped the management firm maximize the asset. “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. 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.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
