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SL Green Takes $425M First Mortgage on 1515 Broadway

NEW YORK CITY-The nearly two-million-sf site, which SL Green acquired two years ago for $480 million, is the subject of a first mortgage of $425 million. The Times Square site serves as the world headquarters of Viacom Inc.

By Barbara Jarvie | Updated on June 14, 2004

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.

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