**Newmark Secures $191.5M Construction Loan for Residential Conversion of Former NYSE Site**
Newmark has arranged $191.5 million in construction financing for the redevelopment of 40 Exchange Place, the former home of the New York Stock Exchange, located in Lower Manhattan’s Financial District.
The financing was secured by Jordan Roeschlaub, Co-President of Global Debt & Structured Finance, along with Vice Chairman Chris Kramer, with support from Associate Director Tim Polglase. The loan was provided by Derby Lane, an alternative asset manager specializing in real estate credit solutions. The capital will support a major residential conversion for property owner GFP Real Estate.
This project represents GFP’s third residential repositioning in Lower Manhattan. The 40 Exchange Place redevelopment will transform the property into a 382-unit multifamily residence. The building will feature a combination of fair-market and affordable housing units, ground-floor retail space, and a range of tenant amenities. The redevelopment will also benefit from federal and state Historic Rehabilitation Tax Credits, as well as a 35-year 467-m tax abatement upon completion.
40 Exchange Place joins a growing portfolio of adaptive reuse projects led by GFP Real Estate, including the completed 25 Water Street development and the ongoing conversion of 222 Broadway.
