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SL Green Realty Corp. has completed a $1.4 billion refinancing of 11 Madison Avenue, a 30-story, 2.3 million-square-foot office tower in New York City, with its joint venture partner, PGIM. The refinancing, finalized recently, involves a five-year fixed-rate mortgage with a coupon rate of 5.625%, which SL Green hedged to an effective rate of 5.592% for its portion. This replaces the previous $1.4 billion of debt, which consisted of a $1.075 billion senior mortgage and two mezzanine loans totaling $325 million.
The refinancing was facilitated by Wells Fargo Bank and involved contributions from major financial institutions, including J.P. Morgan Chase, Bank of America, and Goldman Sachs. Currently, 11 Madison Avenue has a 93% occupancy rate and features the acclaimed Eleven Madison Park restaurant.
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