SL Green Refinances and Modifies $2B Credit Facility at Lower Rate

SL Green Realty just got a new round of cash to play with and it’s coming at a discount. 

The real estate investment trust (REIT) — New York City’s largest office landlord, with more than 30 million square feet of space — announced this week that it extended and refinanced $2 billion of a $2.4 billion corporate credit facility at a lower rate.

SL Green has extended the maturity date of a $1.25 billion revolving line — a pool of cash a firm can tap into anytime — to June 2031, while reducing its borrowing cost by 25 basis points to 125 basis points over SOFR (which currently sits at 3.62 percent), based on the REIT’s current credit rating.  

Another $1.05 billion piece of the debt (a term loan facility) is being split into two parts — with a $750 million term-loan due June 2031 and a $300 million term-loan due May 2027. A third, existing $100 million term-loan remains due November 2026. 

Matt DiLiberto, chief financial officer of SL Green, said the refinancing of the firm’s credit facility falls inline with the plans SL Green has to execute a $7 billion financial plan in 2026, one that is buttressed by the strong metrics of the New York City office market. 

“The strength of the Midtown Manhattan office leasing market, coupled with the credit quality of our portfolio and our platform, continues to attract the support of the world’s highest quality financial institutions,” said DeLiberto. 

Wells Fargo, JPMorgan Chase, Bank of America, and BMO Capital Markets served as joint arrangers of the $2.4 billion credit facility, while Wells Fargo, JPMorgan Chase, TD Bank Corp., and Bank of America will serve as bookrunners (distribution of the shares of and bonds of it to investors). 

SL Green’s stock sits at $39.65 as of Friday morning, down 15 percent on the year, and 32 percent from where it was March 20, 2025.

Brian Pascus can be reached at bpascus@commercialobserver.com.