{"id":1004137736,"date":"2016-02-24T06:23:59","date_gmt":"2016-02-24T14:23:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004137736"},"modified":"2020-05-18T05:04:59","modified_gmt":"2020-05-18T13:04:59","slug":"triple-the-financing-fun-for-sl-green","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/triple-the-financing-fun-for-sl-green\/","title":{"rendered":"Triple the Financing Fun for SL Green"},"content":{"rendered":"

By Barbra Murray, Contributing Editor <\/em><\/p>\n

\"Jericho<\/a>

Jericho Plaza, Jericho, N.Y.<\/p><\/div>\n

New York<\/strong>\u2014SL Green<\/a> has announced not one, not two, but three new financing deals, including two refinancings and one construction loan totaling approximately $321 million.<\/p>\n

SL Green probably wasn’t too surprised that it was able to secure funds for three joint venture-owned assets: 800 Third Ave., Jericho Plaza and 719 Seventh Ave. During the REIT’s fourth quarter 2015 earnings call on January 29, CEO Marc Holliday said, “We see very good access to debt financing. So we think the better projects will be refinanced in this market. There’s a lot of equity capital out there still looking for investment.”<\/p>\n

The properties that were refinanced certainly fall under the category of “better projects.”<\/p>\n

SL Green refinanced the 565,000-square-foot office tower at 800 Third Ave. to the tune of $177 million with a 10-year mortgage loan, replacing an existing $20.9 million mortgage. The REIT, which owns a 60.5 percent interest in the Grand Central-area asset after having increased its original stake of approximately 47 percent in 2015, received net proceeds of $89 million from the transaction.<\/p>\n

Through a recapitalization, the 662,000 square-foot Jericho Plaza office property in Jericho, N.Y., was refinanced with a new two-year floating rate mortgage yielding initial funding of $75 million and ultimate funding totaling $100 million. SL Green, Onyx Equities and a Credit Suisse affiliate acquired the two-building Long Island complex in 2007. The REIT, owning an 11.67 percent interest in the property, received $8.4 million in net proceeds in the transaction, maintained Onyx as a partner and welcomed new co-owners.<\/p>\n

\"719<\/a>

719 Seventh Ave., New York<\/p><\/div>\n

SL Green also landed $44 million in construction financing for 719 Seventh Ave., a 10,000-square-foot flagship retail project in Times Square. The financing came in the form of a two-year loan and left SL Green, a 75 percent owner in the high-profile development, with net proceeds of $21 million.<\/p>\n

“The successful completion of these transactions provides evidence that liquidity continues to be available for high-quality borrowers,” Andrew Mathias, president at SL Green, said in a prepared statement. “The refinancings of 800 Third and Jericho represent another stride in our effort to extend the term of secured debt maturities, reduce cost and generate incremental proceeds, while the construction financing secured at 719 Seventh speaks to SL Green\u2019s ability to recognize value and lock in low borrowing rates for a property set to benefit from its prime retail location.\u201d<\/p>\n

Image courtesy of Onyx Equities<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

SL Green managed to secure two refinancing loans and one construction loan totaling roughly $321 million for three assets located in the state of New York.<\/p>\n","protected":false},"author":969,"featured_media":1004137737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21783,1600,21742,10,21747,21749],"tags":[],"class_list":["post-1004137736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office","category-retail"],"acf":[],"yoast_head":"\nTriple the Financing Fun for SL Green - 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\/triple-the-financing-fun-for-sl-green\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Triple the Financing Fun for SL Green\" \/>\n<meta property=\"og:description\" content=\"SL Green managed to secure two refinancing loans and one construction loan totaling roughly $321 million for three assets located in the state of New York.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/triple-the-financing-fun-for-sl-green\/\" \/>\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=\"2016-02-24T14:23:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T13:04:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/jericho.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"585\" \/>\n\t<meta property=\"og:image:height\" content=\"388\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/triple-the-financing-fun-for-sl-green\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/triple-the-financing-fun-for-sl-green\/\",\"name\":\"Triple the Financing Fun for SL Green - 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