Capital One leads $150m financing of TriBeCa office property

Capital One and TD Bank jointly arranged a 10-year, $150m syndicated loan for New York-based Newmark Holdings to refinance a 16-story office building in the Manhattan’s TriBeCa neighborhood, Real Estate Capital has learned.

Capital One originated at least $52m of the loan, which takes out a previous $101m refinancing facility that the two banks provided in May of 2012.

The banks served as joint arrangers and bookrunners on the new loan, while Capital One is the sole administrative agent.

The 761,000 sq ft office building at 40 Worth Street includes 106,000 sq ft of retail space and currently houses offices for commercial and not-for-profit organizations, including several New York City agencies and the Center for Family Representation and Innocence Project. The building has housed a Gap retail store for decades.

Newmark Holdings has renovated and released the property, constructed in 1928, over the course of the last five years.

“When the building stabilized even faster than anticipated, we were very pleased that [Newmark Holdings] considered us to provide long-term financing,” said Paul Verdi, senior vice president in Capital One’s Commercial Real Estate Group said.

In 2006, Jeffery Gural-led Newmark Holdings formed a strategic partnership with London-based real estate firm Knight Frank to expand its full-service commercial real estate business nationally.