SL Green Completes $2.1 Billion of Debt Refinancings
17 Abril 2024 - 3:05PM
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 $360.0 million mortgage on 100
Park Avenue. The modification extended the maturity date by two
years to December 2025, as fully extended, and the interest rate
was maintained at 2.36% over Term SOFR.
- 15 Beekman Street:
Together with its joint venture partner, the Company closed on a
modification and extension of the mortgage on 15 Beekman Street.
The modification included a paydown of the principal balance by
$4.6 million to $120.0 million, extended the mortgage by 4 years to
January 2028, as fully extended, and the interest rate was
maintained at 1.50% over Term SOFR, which the joint venture fixed
at 5.99% through January 2026.
- 185 Broadway: As
previously announced, the Company closed on a modification and
extension of the mortgage on 185 Broadway. The modification
included a paydown of the principal balance by $20.0 million to
$190.1 million, extended the maturity date to November 2026 and
converted the previous floating rate to a fixed rate of 6.65%.
- 719 Seventh
Avenue: The Company has entered into a contract to
sell 719 Seventh Avenue in Times Square for $30.5 million plus
certain fees payable to the Company. The sale is expected to close
in the third quarter of 2024 and generate net proceeds to the
Company of $4.5 million after repayment of the mortgage loan.In
connection with the closing of the sale, the Company will repay the
existing $50.0 million mortgage for $32.0 million.
- Palisades Premier
Conference Center: The Company has entered into a contract
to sell the Palisades Premier Conference Center for $26.25 million.
The Company took control of the property in July 2023 in partial
satisfaction of a legal judgment it received against an affiliate
of HNA. The sale is expected to close in the second quarter of 2024
and generate net proceeds of $20.0 million.
“We are working diligently to execute our very
ambitious 2024 business plan, which includes strategic asset sales
and the extension of our debt maturity profile. Our reputation as a
best-in-class owner/operator of New York City commercial properties
with a strong balance sheet has allowed us to work with our
extraordinary partners in the lending community to execute this
plan amid the backdrop of a challenging credit market,” said
Harrison Sitomer, Chief Investment Officer of SL
Green.
About SL Green Realty Corp.SL
Green Realty Corp., Manhattan's largest office landlord, is a fully
integrated real estate investment trust, or REIT, that is focused
primarily on acquiring, managing and maximizing the value of
Manhattan commercial properties. As of March 31, 2024, SL Green
held interests in 57 buildings totaling 32.4 million square feet.
This included ownership interests in 28.7 million square feet of
Manhattan buildings and 2.8 million square feet securing debt and
preferred equity investments.
Forward Looking StatementThis press release
includes certain statements that may be deemed to be
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be
covered by the safe harbor provisions thereof. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that we
expect, believe or anticipate will or may occur in the future, are
forward-looking statements. Forward-looking statements are not
guarantees of future performance and actual results or developments
may differ materially, and we caution you not to place undue
reliance on such statements. Forward-looking statements are
generally identifiable by the use of the words “may,” “will,”
“should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,”
“project,” “continue,” or the negative of these words, or other
similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are
beyond our control, that may cause our actual results, performance
or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking
statements made by us. Factors and risks to our business that could
cause actual results to differ from those contained in the
forward-looking statements include the risks and uncertainties
described in our filings with the Securities and Exchange
Commission. Except to the extent required by law, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information
or otherwise.
PRESS CONTACTslgreen@berlinrosen.com
SLG-FIN
SLG-A&D
SL Green Realty (NYSE:SLG)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
SL Green Realty (NYSE:SLG)
Gráfica de Acción Histórica
De May 2023 a May 2024