The modification included a paydown of the principal balance by $9.0 million to $496.4 million and extended the maturity date by more than three years from July 2024 to December 2027. The interest rate was maintained at 2.75% over term SOFR, which the joint venture fixed at 6.77% through the maturity date.
“This extension further emphasizes our strong relationships with the lending community and the confidence lenders have in fortress Manhattan office properties,” said Harrison Sitomer, Chief Investment Officer of SL Green.
Also known as The Daily News Building, 220 East 42nd Street is a 37-story art-deco skyscraper designed by Raymond Hood and John Mead Howells. Currently 91% occupied, the building’s impressive tenant roster includes Visiting Nurse Services, Omnicom Group, United Nations Development Program and WPIX.
The lenders were advised by Doug Middleton of CBRE.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
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