SL Green Receives $1.6B CMBS Refinancing for Manhattan Office Property

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NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. has received $1.6 billion in CMBS debt for the refinancing of One Madison Avenue, an office property in Manhattan’s Flatiron District. One Madison Avenue is an office development that overlooks Madison Square Park and combines a restored historic podium with a newly constructed, 550,000-square-foot tower. The property was fully leased at the time of the loan closing to tenants such as IBM, Franklin Templeton, Palo Alto Networks, FanDuel, Sigma Computing and Harvey AI. Jordan Roeschlaub, Nick Scribani and Ricky Braha of Newmark arranged the debt, which was priced at a spread of 181 basis points over the U.S. Treasury index, resulting in an all-in interest rate of 5.81 percent. The debt replaces a prior $1.25 billion construction facility. Additional terms of the transaction were not disclosed.