SL Green Refinances 245 Park Avenue With $2.0B Five-Year Loan at 6.52%
SLG sits 35% above its 52-week low of $34.77.
Summary
SL Green and its Mori Trust affiliate closed a $2.0 billion, five-year fixed-rate refinancing of 245 Park Avenue at 6.52%, with SL Green's share hedged to 6.37%. The new loan replaces $1.768 billion of existing mortgage and mezzanine debt, so the company is terming out a maturity and adding roughly $230 million of gross proceeds while extending duration. Management said the deal brings its $7.0 billion 2026 financing plan to near completion, which matters for a company this size because it locks in liquidity and pushes out debt maturities. The 1.8 million-square-foot tower is 100% leased to tenants including Société Générale, Ares, Houlihan Lokey, Carlyle and EQT, and the repositioning is slated for completion in Q1 2027. The SASB CMBS execution drew a bank syndicate led by JPMorgan, a decent read on capital-markets appetite for top-tier Manhattan office.
At the time of this announcement, SLG was trading at $47.00 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $34.77 to $60.09. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.