New York & Tri-State + Midtown New York + Finance | June 29, 2021

One Vanderbilt Avenue Manhattan SL Green Realty New York office space

SL Green Completes $3B Financing of One Vanderbilt

SL Green Realty Corp. said Monday it had closed a $3-billion, 10-year, fixed-rate financing of One Vanderbilt Ave., the recently opened East Midtown office tower which is owned in a joint venture between SL Green, National Pension Service of Korea and Hines Interests. The loan was securitized in a single-asset, single-borrower agented CMBS transaction.

Led by Wells Fargo Bank and Goldman Sachs, the securitization team also included Bank of America., Bank of China, Bank of Montreal, Deutsche Bank, JP Morgan Chase Bank, Barclays Capital Real Estate and Citi.

The new financing carries a stated coupon of 2.855%, equivalent to a rate of 2.947% inclusive of hedging costs. It replaces the previous $1.75-billion construction facility with an outstanding balance at the time of payoff of approximately $1.54 billion.

“One Vanderbilt is truly a trophy office property, and it’s no surprise the CMBS financing was well oversubscribed,” said Wells Fargo’s Robert Rosenberg.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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