SL Green Realty Corp. said Monday that it had refinanced two of its midtown Manhattan buildings — one with Royal Bank of Scotland Group PLC, the other with DekaBank Group of Frankfurt.
The New York real estate investment trust said that after paying off old debt, it cleared $160 million of the $410 million of proceeds from the two refinancings.
SL Green said the transactions show its "ability to attract capital even in today's anemic lending environment." Andrew Mathias, the REIT's president and chief investment officer, said in a press release that its "ability to complete these transactions demonstrates the midtown commercial real estate market's continuing strength."
Royal Bank provided a $285 million, five-year loan on a retail building on Fifth Avenue that SL Green owns through a joint venture. DekaBank financed an office building that SL Green bought in January 2005 for $105 million and repositioned so that it is now 100% occupied.