SL Green and Partners Line Up $2.25B+ Refi on One Vanderbilt
SL Green Realty Corp. said it had arranged a refinancing on the new office tower at One Vanderbilt Ave. in Midtown Manhattan. The REIT and its joint venture partners entered into $2.25 billion of 10-year, fixed-rate forward starting swaps in anticipation of the refi.
Announced as part of SL Green’s first-quarter financial results, the refi is anticipated to be in excess of the swapped amount. The swaps have a weighted average interest rate of 1.6114%. Further details on the timing of the refi closing weren’t immediately available.
Earlier this week, SL Green said One Vanderbilt and its entire core portfolio had achieved the WELL Health-Safety Rating. The portfolio-wide certification occurred one month after the company relocated its headquarters to One Vanderbilt.
Q1 saw SL Green report a net loss of $(0.11) per share, along with funds from operations of $128.3 million, compared to FFO of $172 million for Q1 2020.