Graybar Building gets $145M refinancing
August 05, 2009 12:00PM
Graybar Building, 420 Lexington Avenue (Source: PropertyShark.com)
Despite a tight lending environment, New York-based pension fund TIAA-CREF financed a $145 million leasehold mortgage on SL Green Realty's Graybar Building, at 420 Lexington Avenue in Midtown, according to a statement released today by Cushman & Wakefield Sonnenblick Goldman, which arranged the deal.
The 31-story, 1.5 million-square-foot tower sits above Grand Central Terminal, and was acquired by the real estate investment trust SL Green in 1998. It is 97 percent leased, the statement says. TRD
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Comments
Anonymous
And people say there is no financing available. Nonsense.
Comment #1 Posted By: Anonymous 08/05/09
Anonymous
Great building! Great location. Like they always say, "location, location, location."
Comment #2 Posted By: Anonymous 08/05/09
Anonymous
If SL Green holds title to the property, how is the refinance a "leasehold mortgage." Sorry if the question is a stupid one.
Comment #3 Posted By: Anonymous 08/05/09
Anonymous
When theres a landlease. Im not positive of the details but SL green probably doesnt own the land as its built on Grand Central Terminal. The mortgage is secured by their lease interest on the building.
Comment #4 Posted By: Anonymous 08/05/09
Anonymous
There is financing out there. Location is king. Location is Queen. Location is everything.
Comment #5 Posted By: Anonymous 08/07/09
Anonymous
sorry but on 1.5 million SF building at Grand Central and only $145 million in financing proceeds? What is that, 20%?
Comment #6 Posted By: Anonymous 08/07/09
Anonymous
No it's basically 100% of the value of that building.....thats an ugly building inside, its not even a great location, it's only close to Grand Central, but very congested area
Comment #7 Posted By: Anonymous 08/29/09