Cushman & Wakefield Equity, Debt & Structuredarranged a $230 million senior mortgage loan on behalf of an affiliate of SL Green Realty Corp. for 100 Church St., a 21-sotry, 1.05-million-sq.-ft. office building in New York City. Wells Fargo provided funding for the loan, which features a 10-year term and a fixed interest rate.
SL Green purchased the building in 2010. It redeveloped the property with a new lobby, windows, roofs, infrastructure upgrades and retail repositioning, and brought occupancy from 44 percent at the time of purchase to 82 percent today. Major tenants at the building currently include the City of New York, HealthFirst, Niche Media, InteractiveCorp., Centerline Capital Group and the State of New York. Steven Kohn, Alex Hernandez, Christopher Moyer and Sridhar Vankayala, of Cushman & Wakefield, served as exclusive advisors to SL Green on the transaction.
“The combination of the City of New York anchor tenancy and the SL Green Realty Corp. ownership made this one of the most competitive financing offerings brought to market in the past year,” said Steven Kohn in a statement.