New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
SL Green Closes on $510M Loan for News Building
SL Green Realty Corp. said Tuesday it had closed on a new $510-million mortgage financing secured by 220 E. 42nd St. The financing occurs three months after an $815-million deal to sell the office tower, formerly the Daily News Building, fell through.
The loan was provided by a lending group led by Aareal Capital Corp., Citi and Credit Agricole. The additional liquidity from financing was used to repay the REIT’s unsecured revolving credit facility.
“This transaction is another example of the significant liquidity in the NYC market, as well as a testament to SL Green’s relationship with the lending community and its continued confidence in our platform,” said SL Green president Andrew Mathias.
SL Green purchased the 37-story Art Deco tower in February 2003 for $265 million, following its initial $53.5-million preferred equity investment in September 2001. The property is currently 97% occupied.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
