SL Green Realty Corp. announced on Tuesday that it has successfully closed a modification and extension of its $1.25-billion mortgage facility for One Madison Ave., an adaptive reuse office project located near Madison Square Park. The facility, which was led by Wells Fargo and includes 14 global banks, will now have a final maturity date of November 2027 with an interest rate set at 3.10% over term SOFR.
As part of the modification, there will also be a reduction in spread when certain leasing thresholds are met. Currently, the property is already more than 65% leased out to top-tier companies who have been drawn to its exceptional amenity program featuring La Tete d’Or, Le Jardin sur Madison and Chelsea Piers.
According to Robert Schiffer, SL Green’s EVP of development: “One Madison Avenue has raised the bar for modern workspaces with its unparalleled amenities that have attracted top-tier tenants.” He further added that this loan modification provides mechanisms to support stabilizing the property while achieving their goal of extending near-term maturities without any change in rates.
