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SL Green Extends Mortgage on Daily News Building to 2027
SL Green Realty Corp. said Tuesday that, together with its joint venture partner, it has closed on a modification and extension of the mortgage on 220 E. 42nd St., an Art Deco office tower also known as the Daily News Building. The original $510-million mortgage, due to mature this month, was provided in 2020 by a lending group led by Aareal Capital Corp., Citi and Credit Agricole.
The modification included a paydown of the principal balance by $9.0 million to $496.4 million and extended the maturity date by more than three years to December 2027. The interest rate was maintained at 2.75% over term SOFR, which the joint venture fixed at 6.77% through the maturity date.
“This extension further emphasizes our strong relationships with the lending community and the confidence lenders have in fortress Manhattan office properties,” said Harrison Sitomer, CIO of SL Green.
The lenders were advised by Doug Middleton of CBRE.
- ◦Financing
