GFP Real Estate closes on $25.5 million refinance for leased-fee Jersey City portfolio

Jersey City, NJ GFP Real Estate has closed on a $25.5 million loan from Apple Bank, for the refinancing of the leased-fee interest of four ground-leased parcels and a leased parking lot located at 315, 316, 325 and 326 15th Sts. and 265 Coles St.

The new 10-year, float-to-fix loan replaces an existing $25 million mortgage. Paul Talbot, senior managing director at Newmark, represented GFP Real Estate in securing the financing for the property, which is subject to a 98-year ground lease.

“Assets like 265 Coles St. don’t fit neatly into standard underwriting boxes,” said Jeffrey Gural, chairman of GFP Real Estate. “Apple Bank understood the structure, the income stream and the long-term nature of the ground lease, which allowed us to execute a financing that was purpose-built for the asset.”

Situated near Hamilton Park, the property benefits from a neighborhood setting defined by historic row houses, tree-lined streets, and a mix of local dining options. The building is also located near Newport Centre, offering access to retail and a food court. With close proximity to the Holland Tunnel and PATH service, the property provides connectivity to Manhattan and the greater regional transportation network.

“This deal reflects how lenders are recalibrating risk around ground-lease structures,” said Talbot. “Well-structured leased-fee assets with durable income are increasingly being underwritten as stable credit, not specialty risk.”