The Real Deal New York

Owner of 215 PAS pulls off $95M refi from Barclays

SL Green manages 20-story office building on Dever Properties' behalf

March 03, 2016 12:50PM
By Rey Mashayekhi

215 Park Avenue South

215 Park Avenue South near Union Square

Landlord Dever Properties secured a $95 million refinancing on 215 Park Avenue South, a 20-story office building managed by real estate investment trust SL Green Realty.

British banking giant Barclays provided a new $57 million bridge loan in January, according to property records filed with the city Wednesday. The landlord is consolidating the mortgage with an existing $38 million loan on the Union Square property it originally received from JPMorgan Chase in 2006.

Barclays is the “present owner and holder” of that existing $38 million mortgage, according to loan records filed with the city, and its agreement with Dever sees the new $57 million gap mortgage combined with the previous debt on 215 Park Avenue South in the form of a $95 million consolidated loan.

SL Green, the city’s largest office landlord, manages 215 Park Avenue South but does not own the 300,000-square-foot building, a spokesperson for the REIT confirmed.

Representatives for both Dever Properties and Barclays did not immediately return requests for comment.

Tenants at the 20-story office building include video distribution company the Criterion Collection, public affairs agency Global Strategy Group and architectural design firm Perkins + Will, according to SL Green’s website. CVS Pharmacy occupies the property’s ground-floor retail space.

Architect Vishaan Chakrabarti’s new firm, the Partnership for Architecture and Urbanism, was in talks with SL Green late last year for space at the building, as The Real Deal reported. The firm’s website currently lists 215 Park Avenue South as its address.

Office asking rents at the property average $75 per square foot, according to SL Green’s website.

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