The Real Deal New York

SL Green lands $195M refi for Tower 46

M&T, Natixis issued loan to complete lease-up of office condo
By E.B. Solomont | October 30, 2017 06:00PM

SL Green’s Marc Holliday and 55 West 46th Street

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.