SL Green Realty has tapped the CMBS market for permanent financing for its One Vanderbilt tower. The REIT has secured a $3 billion 10-year, fixed-rate loan securitized in a single asset, single borrower agented CMBS transaction.
The agents were a consortium of financial institutions, led by Wells Fargo Bank, and Goldman Sachs Bank, that also included Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JP Morgan Chase Bank, Barclays Capital Real Estate. and Citi.
The new financing carries a stated coupon of 2.855%, equivalent to a rate of 2.947% inclusive of hedging costs, and replaces the previous $1.75 billion construction facility with an outstanding balance at the time of payoff of approximately $1.54 billion. One Vanderbilt is currently 89% leased.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
