SL Green borrows $425M from Wells Fargo for rehab of One Madison in Flatiron

SL Green Realty through the entity 1 Madison Office Fee LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $425 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 1 Madison Avenue in Flatiron. The deal closed on November 13, 2020 and was recorded on December 7, 2020.
The property contains a total of 1,176,911 square feet of built space.
The average loan per buildable square foot is $361.
This is a rehabilitation construction loan. $313.9 million is the building loan and $111.1 is the project loan.
Over the past five years, there have been 20 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

Direct link to Acris document. link
The signatory for the buyer or lender was Jesse Lee