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SL Green Lands $600M Loan on 410 Tenth Redevelopment
SL Green Realty Corp. closed on a new $600-million construction facility for 410 Tenth Ave., the REIT’s 636,000-square-foot office redevelopment of the Master Printers Building on Manhattan’s Far West Side, anchored by Amazon and First Republic Bank. The loan was provided by a consortium of domestic and international banks led by Goldman Sachs and Wells Fargo Bank.
At closing, the new five-year facility repatriated $33.9 million of capital SL Green previously invested and will fund all future capital through completion. This facility replaces the previous $465-million construction facility put in place last year.
“This financing reflects the global capital market’s continued confidence in Class-A, quality Manhattan office assets with strong, credit rated tenants, and specifically exemplifies the resiliency of New York City,” said Andrew Mathias, president of SL Green. “We now look ahead to completing this project in the third quarter of 2021, on time and on budget.”
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