July 24, 2024

SL Green Lands $500M Refi for 919 Third Avenue

SL Green Realty has landed a $500 million refinancing for its 47-story office building at 919 Third Avenue, the landlord announced Wednesday.

Credit Agricole and Aareal Bank led a six-bank syndicate to provide the three-year loan — with two one-year extension options — with an interest rate of 250 basis points over term SOFR on the 1.3 million-square-foot building, according to SL Green (SLG) and a source with knowledge of the deal. The news was first reported by Bloomberg.

“We are pleased to have secured this refinancing for 919 Third Avenue, which reaffirms the liquidity in the market for high-quality assets with high-quality sponsors,” Harrison Sitomer, chief investment officer at SL Green, said in a statement. “The deep relationships we have with financial institutions around the world coupled with the caliber of our portfolio and operating platform give us confidence in our ability to continue to execute in the capital markets, notwithstanding current credit market conditions.”

CBRE’s Darcy Stacom and Bill Shanahan helped source the deal, while CBRE’s James Millon, Tom Traynor and Mark Finan arranged the financing.

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