GFP Real Estate secures $13 million refinancing for 3 Enterprise Drive

Newburgh, NY GFP Real Estate, LLC has successfully closed a $13 million bridge refinancing loan for 3 Enterprise Dr., a 348,352 s/f industrial property. The two-year, interest-only loan was provided by Customers Bank.

"We are pleased to have partnered with Customers Bank on this refinancing. Their understanding of our business and the value of this property allowed for a seamless and timely transaction,” said Jeffrey Gural, chairman of GFP Real Estate. “Securing this refinancing for 3 Enterprise Dr. underscores our commitment to long-term value creation and reflects the strength of the property's long-term potential."

Situated on a 10.88-acre parcel at the southwest corner of Enterprise Dr. and Governor Dr. adjacent to the Stewart International Airport, 3 Enterprise Dr. benefits from its location. Regional access is provided by the New York State Thruway (I-87), Interstate 84, and Route 17K.

"The active industrial market, excellent location adjacent to Stewart International Airport and I-84 and the NY State Thruway, plus the experience of long-term ownership by Jeffrey Gural and GFP Real Estate, created numerous lender interests in refinancing this property," said Paul Talbot, senior managing director at Newmark, who represented GFP Real Estate in securing the loan. "Greg Fantauzzi and his team at Customers Bank were selected because they took the application on November 21st, underwrote, got approval and closed in just over 30 days." 

Built in 1985, the facility features 37 dock-high loading doors, six drive-in loading doors, 24-foot clear ceiling heights and 81 parking spaces. The property, which also includes approximately 5,000 s/f of office space, is currently 100% leased to FedEx and UNFI. FedEx, a tenant since September 1985, has a lease expiring July 1, 2030, with renewal options. UNFI's lease expires in October; the space is currently being actively marketed.

The property's leasehold interest is encumbered by a long-term ground lease from the New York State Department of Transportation, commencing September 1, 1985 and expiring August 31, 2045 with a 25-year renewal option.