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SL Green Secures $360M Refi on 100 Park Ave.
Cushman & Wakefield advised SL Green Realty Corp. and its joint venture partner in the $360-million refinancing of 100 Park Ave., a 36-story, 903,000-square-foot office property in Midtown Manhattan. The floating-rate financing was provided by Aareal Capital Corporation.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Alexander Hernandez, Alex Lapidus and Meredith Donovan and Capital Markets team of Adam Spies and Kevin Donner represented SL Green and its partner.
“SL Green and their partner have done a remarkable job refurbishing and managing this iconic office asset,” said Kohn. “The property’s proximity to Grand Central is highly attractive to employees from within the city as well as to commuters from the suburbs.”
Hernandez said lenders were “highly attracted” to the LED Gold-certified property, which has maintained 95% rent collection during the pandemic. “Aareal was thoughtful with loan terms,” he added.
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- ◦Financing
