**SL Green, PGIM Near $1.4B Refi of 11 Madison Avenue**
A joint venture between SL Green Realty Corp. and PGIM Real Estate is preparing to close on a $1.4 billion refinancing deal for 11 Madison Avenue, the iconic 2.3-million-square-foot office tower in Midtown South. The refinancing will be provided by a consortium of lenders including Wells Fargo, JPMorgan Chase, Bank of America, Goldman Sachs Bank, German American Capital Corp., and Bank of Montreal. This new loan will replace a $1.1 billion financing package that recently matured.
The proceeds from the refinancing are earmarked to repay the existing debt and cover tenant improvements and leasing commissions, supporting continued leasing momentum at the building.
SL Green originally acquired the 30-story Art Deco property from the Sapir Organization in 2015 for approximately $2.4 billion. PGIM joined the ownership structure in 2016, taking a 40% equity stake in the tower.
Since 2016, 11 Madison Avenue has maintained an occupancy rate exceeding 95%, reflecting its strong positioning in the market. The building, constructed in phases between 1932 and 1950, continues to attract major tenants, with Pinterest and Tempus AI recently signing leases.
