SL Green Looking for $200 Million Church Street Loan
Carl Gaines March 6, 2012, 10:22 a.m.
According to the Commercial Mortgage Alert, SL Green is looking for a $200 million, fixed rate loan for its 100 Church Street office property in Lower Manhattan.
SL Green owns the building after taking joint venture partner Gramercy Capital’s interest. The two foreclosed in January 2010 when previous owner, Sapir Organization, defaulted. Sapir had $145 million of senior debt and $85 million of mezzanine debt in the 21-story building.
Soon after taking the building over, SL Green appointed Newmark Knight Frank as co-leasing agent for 100 Church Street. At the time it had over 540,000 square feet of space available. SL Green also undertook a repositioning—putting in new windows and upgrading the lobby, elevator and bathrooms.
The repositioning bore fruit, with tenant Healthfirst signing on for 172,577 square feet of space there over four floors in a 20-year lease in July 2010.
SL Green’s website indicates that there are currently six units available in the building, totaling 173,504 square feet of space. Major tenants include the City of New York Department of Law, Healthfirst and Interactive Data Corp.
In March 2011, SL Green paid off the aforementioned senior debt on the building. A spokesman confirmed to The Commercial Observer that there is currently no debt on the building, though additional details about SL Green’s desire to secure the $200 million in financing weren’t readily available.