SL Green Refinances 245 Park Avenue for $2.0 Billion
SL Green and its partner, a U.S. affiliate of Mori Trust, completed a $2.0 billion five-year fixed-rate refinancing of 245 Park Avenue, priced at 147 basis points over treasuries for a 6.52% rate; SL Green hedged its share to an effective 6.37%. The SASB CMBS execution was led by JPMorgan Chase with participation from Bank of America, Deutsche Bank, Bank of Montreal, Goldman Sachs, Société Générale and Citibank, and replaces the property's prior $1.768 billion of mortgage and mezzanine debt.
Key figures
- Deal Value Usd
- $2.0 billion
- Loan term
- five-year fixed rate
- Occupancy
- 100% leased
- Building sqft
- 1.8 million
- Interest rate
- 6.52%
- Financing plan 2026
- $7.0 billion
- Prior debt replaced
- $1.768 billion
- Spread over treasury
- 147 basis points
- Hedged effective rate
- 6.37%
AI analysis
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