SL Green Realty Corp. has completed a major refinancing of One Madison Ave., its redeveloped Midtown South office tower that is now fully leased. The property totals approximately 1,370,000 square feet and is located in Manhattan. According to Crain’s New York Business and Fitch Ratings, the new mortgage totals about $1.65 billion and represents the largest Manhattan office refinancing completed so far in 2026. The transaction adds to a growing roster of nine-figure financing deals that have already closed this year in both Midtown and Downtown Manhattan.
Fitch Ratings reported that the new mortgage proceeds will be applied to several clearly defined uses. A total of $1.18 billion will be used to refinance existing debt on the property. In addition, $136 million will be allocated to upfront reserves tied to ongoing landlord obligations and free rent commitments at the building. The financing structure also includes an $11.1 million ICAP reserve, as well as a $307.9 million distribution of equity to the sponsorship group. Closing costs for the transaction are expected to total $15 million.
The sponsor of the refinancing is a joint venture that includes SL Green, National Pension Service of Korea, Mastern Investment Management and Hines Interests Limited Partnership. This joint venture structure aligns a U.S. office specialist with both international institutional capital and a global development and investment firm. The combination provides the sponsorship behind the new mortgage at One Madison Ave., following the building’s recent redevelopment and lease-up.
The $1.65 billion loan is expected to be co-originated by a syndicate of major financial institutions. Wells Fargo, Goldman Sachs, JPMorgan Chase, Bank of America and German American Capital Corporation are each anticipated to participate as co-originating lenders on the financing. Fitch Ratings also noted that Trimont LLC is slated to serve as master servicer for the loan, with Argentic Services Company LP designated as special servicer.
The refinancing highlights the scale of capital that can still be raised for large, fully leased office assets in core Manhattan submarkets. It also underscores the role of multi-bank syndicates and third-party servicing platforms in executing and managing financing for high-profile towers such as One Madison Ave. at a time when many office owners are actively reassessing capital stacks and long-term debt structures.
