SL Green Refis Pair of Manhattan Properties
- Sep 22, 2008
SL Green Realty Corp. has announced the refinancing of two properties in two separate transactions: 717 Fifth Avenue with The Royal Bank of Scotland and 28 West 44th Street with DekaBank. Total combined proceeds were $410 million with net proceeds to SL Green of $160 million. The cash-out refinance during such a difficult time for credit underscores the REIT’s clout with lenders. The company now has approximately $$850 million of cash and other immediately available capacity to deploy should opportunities arise in this volatile market, according to Andrew Mathias, president & chief investment officer.The retail condominium at 717 Fifth Avenue is the most prominent asset in the Green/Sutton retail venture. The Royal Bank of Scotland provided $285 million of five-year financing to the venture. SL Green acquired 28 West 44th Street, a 21-story, 359,000 square foot building located two blocks from Grand Central Station, for $105 million, or $293 per square foot, in January of 2005. SL Green has repositioned the asset as a key Grand Central address for small office users and in doing so has re-tenanted the asset, leasing it up to 100 percent occupancy. SL Green Realty owns 30 New York City office properties totaling approximately 24 million square feet, making it New York’s largest office landlord. In addition, SL Green holds investment interests in, among other things, eight retail properties of approximately 400,000 square feet, two development properties with approximately 363,000 square feet and two land interests, along with ownership interests in 36 suburban assets totaling 8 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.