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SL Green Extends $1.25B Mortgage on One Madison Avenue
SL Green Realty Corp. said Tuesday that it closed on a modification and extension of the $1.25-billion mortgage facility on One Madison Ave., its adaptive reuse office project overlooking Madison Square Park. The facility, which consists of 14 global banks, was led by Wells Fargo.
The modification extends the final maturity date through November 2027 and maintains the interest rate at 3.10% over term SOFR. It also entails a further reduction in spread when specific leasing thresholds are exceeded. Currently the property is more than 65% leased.
“One Madison Avenue has set a new standard for the modern work experience, attracting top-tier companies with an unparalleled amenity program featuring La Tete d’Or, Le Jardin sur Madison and Chelsea Piers,” said Robert Schiffer, SL Green’s EVP of development. “The loan modification provides mechanisms to facilitate stabilization of the property and furthers our goal of extending our near-term maturities while keeping rates unchanged.”
- ◦Financing
