SL Green and Deutsche Bank Bridge Loan Repaid
New York, NY – April 13, 2011 – (RealEstateRama) — SL Green Realty Corp. (NYSE: SLG) today announced the refinancing of 3 Columbus Circle and repayment of the $250 million acquisition bridge loan that was originated in January 2011 by SL Green and Deutsche Bank. The new five-year $260 million mortgage loan, provided by The Bank of China, has an earn-out option that increases the loan up to $300 million upon achievement of certain performance thresholds.
SL Green, New York City’s largest owner of commercial office properties, and The Moinian Group, a developer and owner of 20 million square feet of commercial office, residential, and hotel property nationally, formed a joint venture partnership upon the recapitalization of the office tower in January 2011. The 26-story, 768,565-square-foot property located at 1775 Broadway occupies the entire block between Broadway and Eighth Avenue and between 57th and 58th streets. It overlooks Columbus Circle and the southwest entrance to Central Park.
3 Columbus Circle will be operated as a premier Class-A building consistent with the high standards of SL Green’s finest assets. The SL Green leasing team, which has achieved notable success in re-positioning several other large Manhattan properties over the past decade, has initiated an aggressive marketing program to meet the growing demand for large high-quality blocks of office space in Midtown.
About SL Green
SL Green Realty Corp., New York City’s largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2010, SL Green owned interests in 59 Manhattan properties totaling more than 31.5 million square feet. This included equity interests in 22.3 million square feet of office buildings, of which over 1 million square feet is occupied by retail tenants, ownership interests in 405,362 square feet of free-standing retail properties, and debt and preferred equity investments secured by 8.8 million square feet of properties. In addition to its Manhattan investments, SL Green holds interests in 31 suburban assets totaling 6.8 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties encompassing approximately 465,441 square feet, and three land interests.
About The Moinian Group
The Moinian Group is widely regarded as one of the industry’s most active development firms. It owns approximately 20 million square feet of property across the United States. Its team of seasoned professionals, hands-on management style and a strategic approach to investment and growth has armed the firm with the tools necessary to take advantage of the unique opportunities available in the real estate marketplace.
For SL Green:
Chief Financial Officer
Director, Investor Relations
SL Green Realty Corp.