Northwind Group Provides $50M First Mortgage at NYC’s 40 Exchange Place – Commercial Observer

Jeffrey Gural’s GFP Real Estate has secured a $50 million first mortgage for 40 Exchange Place, an office building in New York City that GFP purchased in 2015, Commercial Observer has learned. 

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Northwind Group, a commercial real estate private equity firm, provided the first mortgage. Northwind held a 50 percent stake in 40 Exchange Place from 2015 to 2018 when GFP bought out its interest. 

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Ran Eliasaf, founder and managing partner of Northwind, said in a statement that his firm is excited to once again partner with GFP, whom he called “our good friends.” 

“As past owners of this property, we are intimately familiar with the property’s unique history and positioning within the New York office market, and how best to work with GFP in order to maximize its potential,” Eliasaf said.

The 20-story 40 Exchange Place was known as the Lord’s Court Building when it was finished in 1893, with designs by the famous 19th century architect John Townsend Williams, and today retains its loft-like floor plans from that era. As CO has previously reported, tenants include A360 Media, which runs entertainment and women’s lifestyle publications, and Siren Management, a property management company. 

The building holds 292,000 rentable square feet. 

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Eliasaf added that 40 Exchange Place carried an attractive basis, dependable cash flow, attractive floor plans, and experienced sponsorship that gave his firm every indication the building would soon reach stabilization. 

“We have evaluated many potential office loans in New York City and elected to finance this project as it meets our criteria with a clear business plan, institutional sponsorship, and distinct place in the market,” he said. 

Brian Steinwurtzel, co-CEO and principal of GFP Real Estate, said that the new first mortgage at 40 Exchange Place is indicative of GFP’s belief in its Lower Manhattan office market portfolio, which includes 25 Water Street and 222 Broadway. 

“Northwind has been a fantastic partner in both debt and equity transactions,” said Steinwurtzel in a statement. “We are excited to have completed another deal with Ran Eliasaf, Michael Ainbinder and the Northwind team.”

Brian Pascus can be reached at [email protected]