SL Green Secures $360M Refi for Midtown Office
The floating-rate financing was provided by Aareal Capital Corp. and arranged by Cushman & Wakefield.
SL Green has secured $360 million in refinancing for 100 Park Ave., a 36-story, 903,000-square foot office in Midtown Manhattan. Aareal Capital Corp. provided the floating-rate loan, while the 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. The property’s proximity to Grand Central is highly attractive to employees from within the city as well as to commuters from the suburbs, who would not require a second means of transportation,” Kohn said in prepared comments.
The building is also LEED Gold-certified, which also attracted lenders , according to Hernandez. SL Green maintained 95% office rent collections throughout the pandemic, he also added.