GFP Real Estate has closed on an $87,000,000 loan from Apple Bank to refinance 520 Eighth Ave., a 26-story, 860,000-square-foot office property in Midtown Manhattan.  

The 10-year, 3.524% fixed-rate loan matures in 2032 and is interest-only for the first year. It replaces an existing 4.11%, $84,376,000 mortgage provided by Conduit. 

Newmark’s Paul Talbot represented GFP in securing the loan. 

Separately, GFPRE secured a renewal and expansion from Ripley-Grier Studios, a tenant since 1999. The 15-year renewal adds 11,152 square feet for a total of 62,257 square feet of rehearsal space. 

“While Ripley-Grier is the definitive leader in providing rehearsal space, every corner of the entertainment world was deeply affected by the shutdowns in 2020,” said GFP’s Matthew Mandel. “We are thrilled to see that Ripley-Grier continues to flourish as its clients continue to seek quality meeting and rehearsal spaces.” 

Cushman & Wakefield’s Joseph Harkins represented Ripley-Grier, while Mandel represented ownership. 

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