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SL Green Realty, National Pension Service Of Korea & Hines Acquires Office Building In Grand Central For $3B Loan

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FINANCED
$3,000,000,000

New York

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Office
Financed 06/29/2020
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FINANCED

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

See Similar Deals
Office
Financed 06/29/2020
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Summary

NEW YORK
Asset Type:Office
Transaction Type:Loan

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

BROKERAGE









Hines
LANDLORD

SL Green
LANDLORD

Details

FINANCED
IMAGE: Andrew Mathias, Marc Holliday, Charles Scharf Jeffrey C. Hines, David Solomon & Stephen Green DATE: 06/29/2021 ADDRESS: @One_Vanderbilt MARKET: Grand Central ASSET TYPE: Office LENDERS: @WellsFargo (51%), @GoldmanSachs (20%), @BankofAmerica, Bank of China, Bank of Montreal, @DeutscheBank (5%), @JPMorgan, Barclays, @Citi (3%) LANDLORD: @SLGreen_Realty, National Pension Service Of Korea & @Hines LOAN AMOUNT: $3,000,000,000 🎉 LOAN TERMS: 10-year, fixed-rate, Commercial mortgage-backed securities (CMBS) financing NOTE: The building was last reported to be 89% leased per SL Green on June 7.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$3,000,000,000.00

Monthly NOI$20,000,000.00
Monthly Debt Service$18,962,040.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00