SL Green and PGIM are finalizing a $1.4b refinancing of 11 Madison Avenue in Midtown South. The five-year loan will carry a higher 5.8% interest rate, up from 3.6%, and requires a $52.5m equity contribution from the owners. SL Green bought the 2.3m-square-foot property in 2015 for $2.6b and later sold a 40% stake to PGIM for $480m. Credit Suisse had long been the anchor tenant, and the building remains 93% leased with tenants including Pinterest, Fidelity, Suntory, Tempus AI, and William Morris Entertainment. The refinancing replaces expiring CMBS and mezzanine debt.
SL Green and PGIM
