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SL Green Completes $500M Refi for 919 Third Avenue
SL Green Realty Corp. and an institutional investor advised by J.P. Morgan Global Alternatives have completed the refinancing of 919 Third Avenue, a 1.5 million square foot Class A office building located in Midtown Manhattan.
The new $500 million mortgage loan has a 3-year term, with two one-year extension options, and was provided by an international and domestic lending group co-led by Aareal Capital Corporation, Credit Agricole Corporate and an investment bank. The new loan bears interest at a rate of 250 basis points over Term SOFR, which has been swapped to a fixed rate of 6.11%.
“919 Third Avenue is an ideal candidate for refinancing given the preeminent asset quality, core tenant base and respected sponsorship,” said Doug Traynor, CEO of Aareal Capital Corporation.
The building is 80% leased and is home to notable tenants such as Bloomberg L.P, Shulte Roth & Zabel LLP, and Mintz. CBRE’S James Millon, Tom Traynor, and Mark Finan advised on the transaction.
