SL Green Realty Corp. has successfully completed a modification and extension of its $742.8-million mortgage on 1515 Broadway, situated in the bustling Midtown Manhattan area. The new agreement extends the maturity date by three years to March 2028, while maintaining an interest rate of 3.93%.
According to Brett Herschenfeld, Executive Vice President for Retail and Opportunistic Investments at SL Green, this is another significant step towards their goal of extending their debt maturity profile and showcases the strength of the Midtown Manhattan office market. He further added that this extension provides them with ample time and flexibility as they continue pursuing Caesars Palace Times Square – a project that aims to bring world-class entertainment to its most fitting location in Times Square.
Located between 44th and 45th streets, 1515 Broadway is fully occupied by Viacom and houses Minskoff Theatre within its premises. In collaboration with Caesars Entertainment and Roc Nation, SL Green has put forth a proposal for converting this building into one of three gaming facilities expected to be awarded in downstate New York by year-end.
This news was originally published on Connect CRE’s website under “SL Green Extends Maturity on $743M Mortgage for Iconic NYC Property”.
