While nearly two-thirds of NYC's 400M SF office inventory—aging Class B and C buildings—may be exposed to distress as valuations drop and lending windows slam shut on refinancing, for the newer Class A buildings that are Manhattan's premier office assets it's business as usual.
SL Green and an institutional investor advised by JPMorgan Global Alternatives have completed a $500M refinancing of 919 Third Avenue, its 1.5M SF Class A office tower in Midtown.
The NYC office giant secured a new $500M mortgage loan with a three-year term and two one-year extensions from a bevy of banks led by Aareal Capital and Credit Agricole Corporate and Investment Bank.
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