{"id":1004814609,"date":"2026-10-07T06:33:53","date_gmt":"2026-10-07T14:33:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004814609"},"modified":"2026-10-07T06:34:21","modified_gmt":"2026-10-07T14:34:21","slug":"sl-green-jv-eyes-2b-refi-for-nyc-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-jv-eyes-2b-refi-for-nyc-office-tower\/","title":{"rendered":"SL Green JV Eyes $2B Refi for NYC Office Tower"},"content":{"rendered":"\n

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\"Exterior<\/a>
After its 1966 completion, the property at 245 Park Ave. was initially dubbed the American Tabacco Company Building.
Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n

A partnership between SL Green Realty and Mori Trust Holdings Inc. will soon receive a $2 billion mortgage loan for the 1.8 million-square-foot office tower at 245 Park Ave., according to a Fitch Ratings report<\/a>. <\/p>\n\n\n\n

JPMorgan Chase Bank, Bank of America, German American Capital Corp., Bank of Montreal, Goldman Sachs Bank USA, Societe Generale Financial Corp. and Citi Real Estate Funding Inc. are expected to co-originate the note.<\/p>\n\n\n\n

Proceeds from the five-year, fixed-rate loan, alongside $31.6 million in cash equity, will retire $1.7 billion of previous debt, as well as fund $226.6 million in outstanding landlord obligations and pay approximately $37 million in closing costs. <\/p>\n\n\n\n

Additionally, the ownership will use $119.1 million for future rent concessions, $81.3 million for existing approved tenant improvements, and $26.2 million for redevelopment costs. Trimont and Situs Holdings will act as servicer and special servicer in the transaction, which is scheduled to close on Oct. 20, 2026.<\/p>\n\n\n\n

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READ ALSO: <\/strong>Largest Commercial Real Estate Lenders in 2026<\/a><\/p>\n\n\n\n

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The office building at 245 Park Ave. has been under SL Green\u2019s ownership since 2018, when the company acquired it from HNA Group Co. for $1.7 billion, or $1,008 per square foot. In 2023, Mori Trust purchased a 49.9 percent stake<\/a> in the asset, in a deal valued at $2 billion. The office tower\u2019s value is currently estimated at $2.7 billion.<\/p>\n\n\n\n

Earlier this year, SL Green Realty received another large mortgage loan for one of its Manhattan office properties, namely the 1.3 million-square-foot One Madison Ave. The ownership refinanced One Madison Ave.<\/a> using a $1.7 billion package issued by Wells Fargo Bank, Goldman Sachs Mortgage Co., JPMorgan Chase Bank, Bank of America and German American Capital Corp.<\/p>\n\n\n\n

Approximately $289.2 billion in loans, tied to 14,000 office properties across the U.S. have recently matured or are scheduled to mature by the end of 2028, according to a recent Yardi Matrix report<\/a>, accounting for 33.5 percent of all office debt.<\/p>\n\n\n\n

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