Cushman & Wakefield Equity, Debt and Structured Finance announced this week that it had arranged a $230 million senior mortgage loan for 100 Church Street in New York, New York on behalf of SL Green Realty Corp. The ten year fixed rate financing, provided by Wells Fargo and bearing interest at a rate of 4.675%, will be used for general corporate purposes according to a Commercial Property Executive article.
"The leasing market remains pretty strong (in Manhattan), and I think the pace is consistent with historical averages," David Schonbraun, co-chief investment officer at SL Green, told Commercial Property Executive.
SL Green also announced that the City of New York renewed its lease covering 372,520 square feet for offices of the law division at 100 Church Street, the 21-story, 1.05 million square foot building located in downtown Manhattan. "We are delighted to have the City of New York as our anchor tenant. The City's decision to extend its commitment is testament to the quality of our recently completed redevelopment of 100 Church Street," said Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green. Mr. Durels continued, "This early renewal is consistent with our firm's proactive management of future lease expirations which has led to consistently high portfolio occupancy."
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