Cushman & Wakefield announced that the firm served as the exclusive advisor to SL Green Realty Corp. and its joint venture partner in the procurement of $360 million for the refinancing of 100 Park Avenue, a 36-story, 903,000 s/f, LEED Gold-certified office property in Midtown Manhattan. The floating-rate financing was provided by Aareal Capital Corporation.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Alexander Hernandez, Alex Lapidus and Meredith Donovan and Capital Markets team of Adam Spies and Kevin Donner represented SL Green Realty Corp. and its partner.
“SL Green and their partner have done a remarkable job refurbishing and managing this iconic office asset. The property’s proximity to Grand Central is highly attractive to employees from within the city as well as to commuters from the suburbs, who would not require a second means of transportation,” said Steve Kohn.
“Lenders were highly attracted to the LEED Gold-certified asset and its stalwart tenancy that has maintained 95%+ office collections throughout the COVID-19 pandemic,” added Alexander Hernandez. “Aareal was thoughtful with loan terms and will be an exceptional financing partner for the ownership as they continue to manage this property to their distinguished standards.”
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