SL Green lands $195M refi for Tower 46

M&T, Natixis issued loan to complete lease-up of office condo

New York /
Oct.October 30, 2017 06:00 PM

SL Green Realty Trust and PGIM Real Estate sewed up $195 million to refinance a loan on their Diamond District office condominium, known as Tower 46.

M&T Bank and Natixis provided the senior loan, proceeds of which will be used to complete the lease-up of the top floors of 55 West 46th Street, according to M&T, which is acting as the administrative agent for the loan.

The financing replaces an existing $190 million loan from Wells Fargo, which backed SL Green and PGIM’s acquisition of the condo in October 2014, records show. That three-year loan had two one-year extension options.

SL Green and PGIM (formerly Prudential Real Estate Investors) paid $275 million for the top floors of the building from Extell Development, which completed development of the International Gem Tower building in 2013.

The 13-floor office condo is comprised of 319,000 square feet on floors 22 to 34 of the tower, which also has an address of 50 West 47th Street. Along with the 13-floor office condo, SL Green and Prudential shelled out $20 million for office space on the second floor, a fitness center, Parking Garage And Retail Space On West 46th Street.

Tower 46’s tenants include Nixon Peabody, Comcast and Fir Tree.

SL Green is also working to lease up One Vanderbilt, its 1.7 million-square-foot office tower, where the Carlyle Group and McKinsey & Co. are prospective tenants.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
Startup that wants to build car-free cities raises $30M Series A
Startup that wants to build car-free cities raises $30M Series A
From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Keith Powers, Democratic District 4 representative on the New York City Council, in front of 45 East 45th Street (Getty Images, The Roosevelt Hotel, iStock/Illustration by Steven Dilakian for The Real Deal)
Local lawmakers aim to landmark shuttered Roosevelt Hotel
Local lawmakers aim to landmark shuttered Roosevelt Hotel
Former WeWork CEO Adam Neumann (Getty Images, iStock, Yard 8 Miami, Stacks on Main, Trulia, Power Design Inc., Inkwell Decatur, Wikipedia, Illustration by Kevin Cifuentes for The Real Deal)
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
A photo illustration of 51-53 East 73rd St, 300 De Witt Ave, 137 Bayard Street and 3044 Coney Island Ave (LoopNet, Rosewood Realty Group/Illustration by Steven Dilakian for The Real Deal)
Nine mid-market investment sales to start your day
Nine mid-market investment sales to start your day
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...