SL Green Closes $510 Million Mortgage on 220 East 42nd Street
June 23 2020 - 7:30AM
Business Wire
SL Green Realty Corp (NYSE: SLG), Manhattan’s largest office
landlord, today announced that it has closed on a new $510.0
million mortgage financing secured by 220 East 42nd Street. The
loan was provided by a lending group led by Aareal Capital Corp.,
Citi and Credit Agricole. The additional liquidity provided by this
financing was used to repay the company’s unsecured revolving
credit facility.
“This transaction is another example of the significant
liquidity in the NYC market as well as a testament to SL Green’s
relationship with the lending community and its continued
confidence in our platform,” said SL Green President, Andrew
Mathias.
Also known as The News Building, 220 East 42nd Street is a
37-story art-deco skyscraper that was originally the headquarters
for The New York Daily News. SL Green purchased the property in
February 2003 for $265.0 million, following its initial $53.5
million preferred equity investment in September 2001. The company
then commenced a multi-year repositioning and retenanting of the
property. Currently boasting occupancy of 97 percent and the
highest net operating income since SL Green’s acquisition, the
building’s tenant roster includes the Visiting Nurse Service of New
York, Omnicom Group, local television station WPIX and the United
Nations.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and Manhattan's
largest office landlord, is a fully integrated real estate
investment trust, or REIT, that is focused primarily on acquiring,
managing and maximizing value of Manhattan commercial properties.
As of March 31, 2020, SL Green held interests in 102 buildings
totaling 49.4 million square feet. This included ownership
interests in 28.8 million square feet of Manhattan buildings and
19.6 million square feet securing debt and preferred equity
investments.
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include, but are not limited to, potential risks and uncertainties
relating to the novel coronavirus (COVID-19).
SLG-FIN
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version on businesswire.com: https://www.businesswire.com/news/home/20200623005501/en/
Matt DiLiberto Chief Financial Officer 212.594.2700
SL Green Realty (NYSE:SLG)
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