SL Green signs $3B refi with Wells Fargo, Goldman Sachs, others at 1 Vanderbilt

SL Green Realty and partners National Pension Service of Korea and Hines Interests through the entity One Vanderbilt Owner LLC as borrower signed a takeout loan with lender Wells Fargo, Goldman Sachs, Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan Chase Bank, Barclays, and CitiBank valued at $3 billion for the office building (O4) at One Vanderbilt in Grand Central, Manhattan.
The deal closed on June 23, 2021 and was recorded on June 29, 2021.
The property has 1,678,135 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,787 per the PincusCo analysis.

The signatory for SL Green Realty, National Pension Service of Korea, and Hines Interests was Andrew S. Levine. The signatory for Wells Fargo, Goldman Sachs, Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan Chase Bank, Barclays, and CitiBank was Jeffrey L. Cirillo, Michael Ellis, Steven Wasser, Raymond Qiao, Michael S. Birajiclian, Murray Mackinnon, Jennifer Lewin, Sabrina J. Khabie, and Tina Lin.
(121189828)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on September 11, 2020.
The tax on the new financing was $41 million. The financing originated through nine banks includes a $1.465 billion gap loan and paid off the remaining $1.54 billion construction loan that at its peak was $1.75 billion. The $3 billion loan was securitized into a single asset, single borrower (SASB) structure, and according to a press release from SL Green, is the largest ever of that type.
Within a 400-foot radius of ONE Vanderbilt Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on November 20, 2019 for the $6.4 million renovation of 874,315-square-foot B building with no residential units at 335 Madison Avenue.
One of those two items was a sale which Munich RE bought the 733,001-square-foot, 70-unit office building (O4) on 330 Madison Avenue for $900.0 million from Abu Dhabi Investment Authority on March 4, 2020.

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