SL Green Realty Corp. has refinanced One Madison Ave., its redeveloped and now fully leased 1.37-million-square-foot Midtown South office tower, for approximately $1.65 billion, according to Crain’s New York Business and Fitch Ratings. It’s the largest Manhattan office refi thus far in 2026, a year that has already seen a number of nine-figure financing deals completed in Midtown and Downtown Manhattan.
Mortgage loan proceeds will be used to refinance $1.18 billion of existing debt, fund $136 million of upfront reserves related to ongoing landlord obligations and free rent, fund $11.1 million of ICAP reserve, return $307.9 million of equity, and pay $15 million in closing costs, Fitch said. The sponsor is a joint venture between SL Green, National Pension Service of Korea, Mastern Investment Managemen and Hines Interests Limited Partnership.Â
The loan is expected to be co-originated by Wells Fargo, Goldman Sachs, JPMorgan Chase, Bank of America and German American Capital Corporation. Trimont LLC will serve as the master servicer, and Argentic Services Company LP will serve as the special servicer.
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