SL Green Completes $2.1 Billion of Debt Refinancings

Contracts to Sell 719 Seventh Avenue and Palisades Premier Conference Center And Acquire Joint Venture Interest in 10 E 53rd Street

NEW YORK, April 17, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has completed $2.1 billion of strategic debt modifications and extensions across its portfolio as part of its strategy to refinance, modify or extend at least $5.0 billion of existing debt.

• 280 Park Avenue Mortgage Loan: Together with its joint venture partner, the Company closed on a modification and extension of the $1.075 billion securitized mortgage on 280 Park Avenue. The modification extended the maturity date to September 2026, with the partnership’s option to extend to a fully extended maturity date of September 2028. The interest rate was maintained at 1.78% over Term SOFR, which the Company fixed at 5.91% for its share of the debt through the fully extended maturity date.

• 280 Park Avenue Mezzanine Loan: The partnership separately modified and extended the $125.0 million mezzanine loan on 280 Park Avenue and subsequently repaid the loan for $62.5 million.

• 10 East 53^rd Street: Together with its joint venture partner, the Company closed on a modification and extension of the mortgage on 10 East 53^rd Street. The modification included a paydown of the principal balance by $15.0 million to $205.0 million and extended the maturity date by three years to May 2028, as fully extended. The interest rate was maintained at 1.45% over Term SOFR, which the joint venture fixed at 5.36% from May 2025 to May 2028.
  
  The Company also entered into a contract to acquire its partner’s 45% interest in 10 East 53^rd Street for cash consideration of $7.2 million net of all outstanding debt obligations prior to the loan modification. The acquisition is expected to close in the fourth quarter of 2024.

• 100 Park Avenue: Together with its joint venture partner, the Company closed on a modification and extension of the $360.0 million mortgage on 100 Park Avenue. The modification extended the maturity date by two years to December 2025, as fully extended, and the interest rate was maintained at 2.36% over Term SOFR.

• 15 Beekman Street: Together with its joint venture partner, the Company closed on a modification and extension of the mortgage on 15 Beekman Street. The modification included a paydown of the principal balance by $4.6 million to $120.0 million, extended the mortgage by 4 years to January 2028, as fully extended, and the interest rate was maintained at 1.50% over Term SOFR, which the joint venture fixed at 5.99% through January 2026.

• 185 Broadway: As previously announced, the Company closed on a modification and extension of the mortgage on 185 Broadway. The modification included a paydown of the principal balance by $20.0 million to $190.1 million, extended the maturity date to November 2026 and converted the previous floating rate to a fixed rate of 6.65%.

• 719 Seventh Avenue: The Company has entered into a contract to sell 719 Seventh Avenue in Times Square for $30.5 million plus certain fees payable to the Company. The sale is expected to close in the third quarter of 2024 and generate net proceeds to the Company of $4.5 million after repayment of the mortgage loan.