SL Green Realty completes $1.4B refinancing of 11 Madison Avenue

SL Green Realty (SLG)m together with its joint venture partner, PGIM, completed a $1.4B, five-year, fixed-rate refinancing of 11 Madison Avenue. The mortgage carries a stated coupon of 5.625%, which SL Green hedged to an effective rate of 5.592% for its portion. The CMBS financing was led by Wells Fargo Bank, with participation from leading global financial institutions including J.P. Morgan Chase, Bank of America, Goldman Sachs, Deutsche Bank and Bank of Montreal. The new mortgage replaces the previous $1.4B of debt on the property, which was comprised of a $1.075B senior mortgage and two mezzanine loans totaling $325M.