SL Green Takes $425M First Mortgage on 1515 Broadway

NEW YORK CITY-One of the city’s most visible sites–the 1.8-million-sf headquarters of media conglomerate Viacom Inc. and home of the MTV in Times Square—has been mortgaged by owner SL Green Realty Corp. for $425 million. Sonnenblick-Goldman Co. served as exclusive financial advisor to an affiliate of SL Green and SITQ Inc. for the mortgaging of 1515 Broadway. The firm arranged a Libor-based, floating-rate, first mortgage financing. The loan was provided by Lehman Brothers and Wachovia Bank.

In one of the largest building deals after Sept. 11, 2001, SL Green acquired the 56-story, class A office for $480 million in 2002. The locally based REIT purchased it in a joint venture with SITQ Immobilier, with Green holding a 55% majority stake. Toward that initial purchase, Lehman Brothers and Bear Stearns kicked in $335 million of financing, while the rest was covered by unsecured credit and from the proceeds of the joint venture interest sale to SITQ.