SLG - SL Green Completes $2.1 Billion of Debt Refinancings | Benzinga
NEW YORK, April 17, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, today announced that it has completed $2.1 billion of strategic debt modifications and extensions across its portfolio as part of its strategy to refinance, modify or extend at least $5.0 billion of existing debt.
- 280 Park Avenue Mortgage Loan: Together with its joint venture partner, the Company closed on a modification and extension of the $1.075 billion securitized mortgage on 280 Park Avenue. The modification extended the maturity date to September 2026, with the partnership's option to extend to a fully extended maturity date of September 2028. The interest rate was maintained at 1.78% over Term SOFR, which the Company fixed at 5.91% for its share of the debt through the fully extended maturity date.
- 280 Park Avenue Mezzanine Loan: The partnership separately modified and extended the $125.0 million mezzanine loan on 280 Park Avenue and subsequently repaid the loan for $62.5 million.
- 10 East 53rd Street: Together with its joint venture partner, the Company closed on a modification and extension of the mortgage on 10 East 53rd Street. The modification included a paydown of the principal balance by $15.0 million to $205.0 million and extended the maturity date by three years to May 2028, as fully extended. The interest rate was maintained at 1.45% over Term SOFR, which the joint venture fixed at 5.36% from May 2025 to May 2028.
The Company also entered into a contract to acquire its partner's 45% interest in 10 East 53rd Street for cash consideration of $7.2 million net of all outstanding debt obligations prior to the loan modification. The acquisition is expected to close in the fourth quarter of 2024.
- 100 Park Avenue: Together with its joint venture partner, the Company closed on a modification and extension of the ...