{"id":1004069281,"date":"2013-03-22T06:16:19","date_gmt":"2013-03-22T14:16:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004069281"},"modified":"2022-12-07T18:31:11","modified_gmt":"2022-12-08T02:31:11","slug":"sl-green-closes-925m-in-financing-for-iconic-nyc-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-closes-925m-in-financing-for-iconic-nyc-building\/","title":{"rendered":"SL Green Closes $925M in Financing for Iconic NYC Building"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em>\u00a0<\/span><\/p>\n

SL Green Realty Corp. has arranged $925 million worth of bridge acquisition financing for New York City\u2019s iconic Sony Building at 550 Madison Ave., which was purchased by New York-based developer The Chetrit Group L.L.C. for $1.1 billion from Sony Corporation of America.<\/p>\n

The building is currently home to Sony\u2019s U.S. headquarters and the company will remain in the location for at least the next three years.<\/p>\n

The financing matures contemporaneously with the expiration of Sony\u2019s leaseback of the property, and consists of a $600 million senior loan originated by Bank of China, a $175 million senior mezzanine debt, which SL Green sold to a private investment manager and a $150 million junior mezzanine debt originated by SL Green.<\/p>\n

\u201cThis deal illustrates SL Green\u2019s ability to structure, syndicate and execute financing for complex capital transactions,\u201d David Schonbraun, SL Green\u2019s co-chief investment officer, said in a company statement. \u201cWhile we are best known as New York City\u2019s largest office landlord, we also have emerged as a major player in the structured finance arena. In that regard, SL Green is now the primary provider of subordinate capital for real estate transactions in the greater New York market.\u201d<\/p>\n

Following completion of the financing, SL Green sold one half of its interest in the junior mezzanine debt.<\/p>\n

The 852,830-square-foot, 37-floor tower features a Chippendale-style roof pediment designed by Philip Johnson and John Burgee and stands as one of the Manhattan skyline\u2019s most distinctive towers.\u00a0 It was originally constructed for AT&T, and Sony purchased the building in 2002 for $236 million.\u00a0\u00a0<\/span><\/p>\n

As of December 31, 2012, SL Green owned interests in 85 Manhattan properties totaling 40.8 million square feet, including ownership interests in 27.8 million square feet of commercial properties and debt and preferred equity investments secured by 13.0 million square feet of properties.<\/p>\n

Ironhound Management was the exclusive advisor to the borrower.<\/p>\n

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SL Green Realty has arranged $925 million worth of bridge acquisition financing for New York City\u2019s iconic Sony Building at 550 Madison Ave., which was purchased by New York-based developer The Chetrit Group for $1 billion from Sony Corp.<\/p>\n","protected":false},"author":451,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,1600,21742,21747],"tags":[],"class_list":["post-1004069281","post","type-post","status-publish","format-standard","hentry","category-midatlantic","category-new-york","category-latest","category-office"],"acf":[],"yoast_head":"\nSL Green Closes $925M in Financing for Iconic NYC Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-closes-925m-in-financing-for-iconic-nyc-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Closes $925M in Financing for Iconic NYC Building\" \/>\n<meta property=\"og:description\" content=\"SL Green Realty has arranged $925 million worth of bridge acquisition financing for New York City\u2019s iconic Sony Building at 550 Madison Ave., which was purchased by New York-based developer The Chetrit Group for $1 billion from Sony Corp.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-closes-925m-in-financing-for-iconic-nyc-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-03-22T14:16:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T02:31:11+00:00\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-closes-925m-in-financing-for-iconic-nyc-building\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-closes-925m-in-financing-for-iconic-nyc-building\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"SL Green Closes $925M in Financing for Iconic NYC Building\",\"datePublished\":\"2013-03-22T14:16:19+00:00\",\"dateModified\":\"2022-12-08T02:31:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-closes-925m-in-financing-for-iconic-nyc-building\\\/\"},\"wordCount\":329,\"commentCount\":0,\"articleSection\":[\"Mid-Atlantic\",\"New York\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-closes-925m-in-financing-for-iconic-nyc-building\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-closes-925m-in-financing-for-iconic-nyc-building\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-closes-925m-in-financing-for-iconic-nyc-building\\\/\",\"name\":\"SL Green Closes $925M in Financing for Iconic NYC Building - 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