GFP Real Estate, LLC has successfully secured a $13 million bridge refinancing loan for 3 Enterprise Dr., a large industrial property located in Newburgh, NY. The two-year loan, provided by Customers Bank, will be interest-only.
According to Paul Talbot, senior managing director at Newmark who represented GFP in securing the loan: “The combination of an active industrial market and prime location near Stewart International Airport and major highways made this property highly desirable for lenders. Additionally, the experienced ownership of Jeffrey Gural and GFP Real Estate added to its appeal.” After receiving multiple offers from interested lenders due to these factors,Talbot ultimately chose Greg Fantauzzi’s team at Customers Bank because they were able to process the application quickly – underwriting it on November 21st before getting approval and closing within just over 30 days.
Situated on a spacious 10.88-acre parcel next door to Stewart International Airport,the strategic location of3 Enterprise Dr.makes it an ideal investment opportunity.The property is currently subjectto along-term ground lease withtheNew York State Departmentof Transportation that beganin September1985andwill run through August31st2045withan optionfora25-year renewal period after that time frame expires.
