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SL Green lands financing for One Madison Avenue

Rendering of One Madison Avenue (Credit: Kohn Pedersen Fox)

SL Green, National Pension Service of Korea, and Hines have secured a $1.25 billion construction loan from a consortium led by Wells Fargo for its One Madison Avenue office redevelopment. The Flatiron tower is expected to span 1.4 million SF, and cost $2.3 billion. 

  • Financing details: The loan has a term of up to six years and bears interest at a floating rate of 3.35% over LIBOR, with the ability to reduce the spread to as low as 2.50% upon achieving certain leasing and completion milestones. TD Bank, Goldman Sachs, Bank of America, Deutsche Bank, and Axos Bank are also in the lending group, SL Green announced in a press release.
  • Heard on the Street: SL Green President Andrew Mathias: “The building delivers in 2023, so we have confidence in getting through this period. Our position as developers with this kind of vision and certainty generally gets rewarded in New York City.” [SLGreen+Bloomberg]

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