April 8, 2019 Comments (0) Views: 687 National News, Northeast

SL Green Secures $455M from Wells Fargo for NY Tower Development

New York-based SL Green Realty Corp. secured $455 million in debt financing for the continued development of One Vanderbilt, a 67-story tower in New York. San Francisco-based Wells Fargo provided the latest debt for the $3.2-billion project at Vanderbilt Avenue and East 42nd Street, adjacent to Grand Central Terminal in Midtown Manhattan.

The full debt load for the project has risen to $2.2 billion. The developer secured a $1.5 billion financing package in 2016 from four lenders for the planned tower, including Wells Fargo, The Bank of New York Mellon, J.P. Morgan Chase, and Bank of China.

The latest financing follows four office leases encompassing 250,000 square that were signed with SL Green, TD Bank, MFA Financial and McDermott, Will & Emery. The Carlyle Group has also committed to take 128,000 square feet at the 54%-leased tower.

The National Pension Service of South Korea and Hines claimed a 29% equity share of the project for $525 million in 2017. The 1.7 million-square-foot tower is set for completion by the end of 2020.

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