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SL Green Realty Corp. (NYSE: SLG) today announced that it has closed on a $900 million first mortgage refinancing of 1515 Broadway.
The new 12-year, 3.93% fixed rate mortgage financing replaces the former $775 million mortgage loan. The refinancing follows the April 2012 renewal by Viacom of 1.6 million square feet at the office tower through 2031.
SL Green will recognize approximately $116 million in net proceeds from the transaction.
Andrew Mathias, President of SL Green said, “Our ability to execute long-term fixed rate financing at historically low rates is a significant achievement and reflects both this property’s strength as well as the continuing positive evolution of Times Square. The long-term renewal of the Viacom lease, coupled with our redevelopment of the building’s lobby, common areas, retail space, and the introduction of LED signage, has created significant value.”
Skadden, Arps, Slate, Meagher & Flom LLP acted on behalf of SL Green. Sidley Austin LLP represented the lender group.
About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2012, SL Green owned interests in 85 Manhattan properties totaling 40.8 million square feet. This included ownership interests in 27.8 million square feet of commercial properties and debt and preferred equity investments secured by 13.0 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million square feet. The Company also has ownership interests in 31 properties totaling 4.5 million square feet in southern California.