SL Green Realty said it completed a $215 million deal to refinance 100
Park Avenue, a luxury office tower between 40th and 41st streets that
it owns under a joint venture with Prudential Real Estate Investors.
Two German lenders, DekaBank and Helaba, led a group of banks in the
refinancing of 100 Park Avenue. The other lenders include PB Capital,
Westdeutsche ImmobilienBank AG and Modern Bank.
The deal is significant because it shows that experienced and
financially stable developers will be able to finance new deals despite
the weak lending environment stemming from the 2008 collapse of the
capital markets, according to analysts.
“For those owners who can stabilize their portfolio and the debt
service associated with it, they’re going to be in a better position to
weather the ongoing storm,” said Steve Coutts, senior vice president of
research at Studley. [more]