SL Green borrows $575M from Wells Fargo, others as part of $1.5B construction loan for One Vanderbilt

SL Green Realty through the entity One Vanderbilt Owner LLC as borrower signed a loan agreement with lender Wells Fargo Bank, as lead lender, valued at $575 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 51 East 42nd Street in Grand Central. The deal closed on June 26, 2020 and was recorded on July 9, 2020.
SL Green is developing a 1,688,660 square feet office building known as One Vanderbilt.

This is the fourth installment of new construction loans. This installment is composed of a $405 million building loan and a $170 million project loan. The total to date including these loans is $1.535 billion. The Commercial Observer reported in 2016 that SL Green had secured $1.5 billion in construction financing from Bank of China, Bank of New York Mellon, J.P. Morgan Chase, TD Bank and Wells Fargo for the office tower. The Real Deal reported in 2018 on the complex financing of the project.

Over the past five years, there have been 12 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $96,868,302.There has been one new building permit application totaling 1,298,007 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link