SL Green has secured a $600 million construction loan from a consortium led by Goldman Sachs and Wells Fargo for its redevelopment of 410 Tenth Avenue, the REIT announced. The new 5-year loan replaces $465 million in previous debt provided in 2019.
- Worth Noting: Amazon (335,000 SF) and First Republic Bank (212,000 SF) have already signed on to anchor the 636,000 square foot office tower. The 20-story project is expected to be completed in the third quarter of 2021.
- Dig Deeper: Plans for the future Class-A office development include a new 5,000-square-foot roof deck along with a 3,000-square-foot tenant lounge. The building will also benefit from new elevators, double height storefronts, a façade re-coloring, and a new glass encased lobby, with an entrance on 33rd Street.
- Flashback: SL Green acquired a majority interest in the asset at a valuation of $440 million in 2018. This deal allowed the REIT to repatriate $33.9 million of capital previously invested into the project. [PressRelease]