SL Green Realty, National Pension Service Of Korea & Hines Acquires Office Building In Grand Central For $3B Loan
One Vanderbilt, 1 Vanderbilt, New York City, New York 10017, United States
$3,000,000,000
Building Size
—
Asset Type
Office
Closing
Jun 29, 2020
About this deal
AI
The property involved in this transaction is the Office building located at One Vanderbilt in the Grand Central market. The building is leased by SL Green Realty, National Pension Service Of Korea, and Hines. According to SL Green, as of June 7, the building was reported to be 89% leased. The loan provided for this transaction is a 10-year, fixed-rate, Commercial mortgage-backed securities (CMBS) financing, with a loan amount of $3,000,000,000. The lenders involved in this deal include Wells Fargo (51%), Goldman Sachs (20%), Bank of America, Bank of China, Bank of Montreal, Deutsche Bank (5%), JPMorgan, Barclays, and Citi (3%).
Summary of transaction details
- Property Type: Office
- Transaction Amount: $3,000,000,000
- Address: One Vanderbilt
- Market: Grand Central
- Landlord: SL Green Realty, National Pension Service Of Korea, Hines
The individuals and companies involved in this deal include Andrew Mathias, Marc Holliday, Charles Scharf, Jeffrey C. Hines, David Solomon, and Stephen Green. The lenders in this deal are Wells Fargo, Goldman Sachs, Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan, Barclays, and Citi.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93