One Vanderbilt Lands $3B Refi

The CMBS transaction for the new Manhattan trophy tower is the largest ever of its kind.

One Vanderbilt. Image courtesy of SL Green Realty Corp.

A Wells Fargo Bank and Goldman Sachs-led consortium of financial institutions has refinanced the recently completed One Vanderbilt in Midtown Manhattan with a $3 billion loan. The 10-year, fixed-rate debt was a single asset, single borrower (SASB) agented CMBS transaction.

The consortium also includes Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JP Morgan Chase, Barclays Capital Real Estate and Citi. According to Robert Schiffer, managing director at SL Green Realty Corp., the transaction was the largest ever single-building securitization financing.

The refinancing carries a stated coupon of 2.855 percent, equivalent to a rate of 2.947 percent inclusive of hedging costs. Additionally, it retires $1.75 billion in construction financing with an outstanding balance at the time of payoff of roughly $1.54 billion.

The nearly 1.8 million-square-foot building is the second-tallest skyscraper in New York City and is currently 89 percent leased to a tenant roster that includes TD Bank and TD Securities, The Carlyle Group and IBM spinoff Kyndryl. The skyscraper is owned by a partnership between SL Green Realty Corp., the National Pension Service of Korea and Hines.

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