November 17, 2020
SL Green Realty Corp and its joint venture partners, the National Pension Service of Korea and Hines, have closed on a $1.25-billion construction loan for One Madison Ave. The construction facility, reportedly New York City’s largest of 2020, was led by Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank and Axos Bank.
“Our commitment and belief in New York City is unwavering,” said Marc Holliday, Chairman and CEO of SL Green. “Despite the headwinds presented by current and temporary challenges, we remain focused on boosting the New York City economy by creating thousands of construction jobs and bringing a new, best-in-class office tower to the highly sought-after Flatiron/Midtown South submarket for the first time in a decade.”
The office REIT and its partners marked the start of construction Monday on the 1.4-million-square-foot project, which will transform the existing full-block structure into a 27-story office tower.
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