C&W Arranges $230M in Financing for 100 Church St.
SL Green Realty Corp. has secured a $230 million senior mortgage loan for 100 Church Street in Downtown Manhattan.
The ten-year fixed-rate financing was provided by Wells Fargo.
Cushman & Wakefield’s Equity, Debt & Structured Finance team, led by Steven Kohn, Alex Hernandez, Christopher Moyer and Sridhar Vankayala served as exclusive advisor to an affiliate of SL Green Realty Corp.
100 Church Street is a 21-story, 1.05 million square foot, multi-tenanted, office building located on the full block from Church Street to West Broadway, Barclay Street to Park Place. The office building is two blocks from City Hall and the World Trade Center site at the confluence of Downtown’s TriBeCa neighborhood and the Financial District.
SL Green acquired the building in 2010 after it had been 56% vacant for over five years. A comprehensive redevelopment of the property, which was completed in 2011, included a new lobby, windows, infrastructure upgrades, new roofs and retail repositioning.
This repositioning plan has helped secure a lease extension from the City of New York, bringing the property’s current occupancy to 8%2. In addition to the City of New York, major tenants include HealthFirst, Niche Media, Interactive Data Corp, Centerline Capital Group and the State of New York.