NEW YORK CITY — SL Green Realty Corp. has refinanced two properties for a combined amount of $410 million.
The first property, 717 Fifth Ave., was refinanced through The Royal Bank of Scotland, and the second property, 28 W. 44th St., was refinanced through DekaBank.
Andrew Mathias, chief investment officer of SL Green, said the transactions demonstrate that even in an anemic lending environment, his company is attracting capital.
“With this additional capital added to our reserves, we now have approximately $850 million in cash and other immediately available capacity to deploy opportunistically and we have eliminated a substantial portion of our near-term debt maturities,” Mathias says.
The property at 717 Fifth Ave. is a retail condominium that is currently leased by Giorgio Armani, who will locate their North American flagship store to the property. It is scheduled to open in early 2009.
The property at 28 W. 44th St. is a 21-story, 359,000-square-foot building, and was acquired by SL Green for $105 million in January 2005. SL Green currently leases the office space, which is 100 percent occupied.
“Our ability to complete these transactions, demonstrates the Midtown commercial real estate market’s continuing strength, overall, as well as the lending community’s confidence in SL Green’s ability to identify and maximize value in its portfolio,” Mathias continued.