Core Insights - SL Green Realty Corp. (SLG) and PGIM completed a $1.4 billion refinancing of 11 Madison Avenue, with a five-year fixed-rate mortgage at a coupon rate of 5.625%, effectively hedged to 5.592% for SL Green's portion [1][8] - The refinancing replaces the previous $1.4 billion debt, which included a $1.075 billion senior mortgage and two mezzanine loans totaling $325 million [1] Property Overview - 11 Madison Avenue is a 30-story office tower with 2.3 million square feet of space, located in a prime area with access to restaurants and upscale shopping, currently 93% occupied [2][8] - The building features prestigious tenants and is home to the renowned 3-Michelin-Star restaurant, Eleven Madison Park [2][8] Financing Details - The CMBS financing was led by Wells Fargo Bank, with participation from major financial institutions including J.P. Morgan Chase, Bank of America, Goldman Sachs, Deutsche Bank, and Bank of Montreal [3] Strategic Implications - The refinancing enhances SL Green's financial flexibility, improving its maturity profile and liquidity for daily operations [4] - The company is positioned for growth due to strong tenant demand for premium office spaces and easing supply pressures, leading to healthy leasing activity [4] Market Performance - Over the past six months, SL Green's shares have increased by 3.4%, contrasting with a 0.6% decline in the broader industry [5]

Core Viewpoint - SL Green Realty announced a $1.4 billion refinancing deal for 11 Madison Avenue, indicating a strategic move to manage its financing structure effectively [5] Financing Details - The refinancing is a five-year, fixed-rate arrangement for the 30-story tower located in Manhattan's Midtown South neighborhood [5] - The original acquisition of 11 Madison Avenue was completed in 2015 for $2.285 billion, financed through a $1.4 billion ten-year, interest-only, fixed-rate loan [5]

Core Insights - SL Green Realty Corp. has successfully completed a $1.4 billion refinancing of 11 Madison Avenue, with a fixed-rate mortgage carrying a coupon of 5.625% [1][2] - The refinancing replaces the previous debt structure, which included a senior mortgage of $1.075 billion and mezzanine loans totaling $325 million [2] - The transaction was supported by major financial institutions, indicating strong demand from global institutional bond investors [1][3] Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT) focused on acquiring and managing commercial properties [5] - As of June 30, 2025, the company held interests in 53 buildings totaling 30.7 million square feet, with 27.2 million square feet located in Manhattan [5] Property Details - 11 Madison Avenue is a 2.3 million-square-foot, 30-story office tower, currently 93% occupied, featuring prestigious tenants such as UBS, Sony, and Fidelity [3] - The building is strategically located near Madison Square Park, enhancing its appeal due to proximity to restaurants and upscale shopping [3]