{"id":45432,"date":"2025-09-29T07:03:55","date_gmt":"2025-09-29T04:03:55","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=45432"},"modified":"2025-09-26T10:26:48","modified_gmt":"2025-09-26T07:26:48","slug":"sl-green-refinances-mortgage-11-madison-avenue","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/","title":{"rendered":"SL Green Refinances Mortgage on Flatiron District Office Tower"},"content":{"rendered":"

SL Green, the largest owner of Manhattan office space<\/a>, has completed a major refinancing deal for a 30-story tower in the Flatiron District alongside its joint venture partner, PGIM. The partnership has secured a $1.4 billion loan for 11 Madison Ave.<\/p>\n

The new five-year, fixed-rate loan was arranged by a consortium of major lenders led by Wells Fargo, which included JPMorgan Chase, Bank of America, Goldman Sachs, Deutsche Bank and Bank of Montreal.<\/p>\n

This new mortgage replaces a previous loan of the same value on the property. The prior debt was comprised of a senior loan worth just more than $1 billion, in addition to two mezzanine loans totaling $325 million.<\/p>\n

Advising the deal for SL Green and PGIM were CBRE\u2019s Tom Traynor, Tom Rugg, and Henry Fenmore, along with Newmark\u2019s Jordan Roeschlaub, Nick Scribani and John Caraviello. Fried Frank\u2019s Michael Werner, Charles Roper Jr., Loren Naftali and Molly Diamondstein also provided counsel.<\/p>\n

\u201cThis loan execution underscores our deep relationships with the lending community and the enduring strength of premier office assets,\u201d said\u00a0Harrison Sitomer, chief investment officer at SL Green. \u201cThe strong demand from global institutional bond investors resulted in one of the most successful CMBS executions in years, which is reflective of the exceptional quality of 11 Madison Avenue and the confidence investors continue to place in our platform.\u201d<\/p>\n

\u201cThis refinancing reflects the strength of New York\u2019s office market when it comes to Class A, well-located assets that continue to attract tenants and capital,\u201d said Joanna Mulford, managing director and senior portfolio manager of PGIM\u2019s real estate business.<\/p>\n

The property at 11 Madison Ave. is a 2.3 million-square-foot office tower and occupies the full city block bordered by Park Avenue South and Madison Avenue, as well as 24th and 25th streets.<\/p>\n

The building is 93% leased and has a varied tenant list that includes the likes of UBS, Sony, William Morris Endeavor, Suntory, Pinterest, Tempus AI and Fidelity. It\u2019s also notable for being home to the globally renowned, 3-Michelin-Star restaurant Eleven Madison Park.<\/p>\n

The deal is the latest addition to a list of multi-billion-dollar CMBS loans for office towers in Manhattan, following Tishman Speyer\u2019s $2.9 billion refinance of The Spiral<\/a>, the Durst family\u2019s $1.3 billion mortgage at One Five One<\/a> and RFR\u2019s $1.2 billion mortgage on the Seagram Building<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

SL Green, the largest owner of Manhattan office space, has completed a major refinancing deal for a 30-story tower in the Flatiron District alongside its joint venture partner, PGIM. The partnership has secured a $1.4 billion loan for 11 Madison Ave.<\/p>\n","protected":false},"author":56,"featured_media":45433,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,38,4014,39],"tags":[],"class_list":["post-45432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nSL Green Refinances Mortgage on Flatiron District Office Tower - CommercialCafe<\/title>\n<meta name=\"description\" content=\"SL Green has completed a major refinancing deal worth $1.4 billion for 11 Madison Ave. in Manhattan's Flatiron District.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Refinances Mortgage on Flatiron District Office Tower\" \/>\n<meta property=\"og:description\" content=\"SL Green has completed a major refinancing deal worth $1.4 billion for 11 Madison Ave. in Manhattan's Flatiron District.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-29T04:03:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/09\/Madison-Square-Park-view.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1980\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Sabau\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Diana Sabau\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/\",\"name\":\"SL Green Refinances Mortgage on Flatiron District Office Tower - CommercialCafe\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/09\/Madison-Square-Park-view.jpg\",\"datePublished\":\"2025-09-29T04:03:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241\"},\"description\":\"SL Green has completed a major refinancing deal worth $1.4 billion for 11 Madison Ave. in Manhattan's Flatiron District.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/#primaryimage\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/09\/Madison-Square-Park-view.jpg\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/09\/Madison-Square-Park-view.jpg\",\"width\":1980,\"height\":1280,\"caption\":\"11 Madison Avenue\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialcafe.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SL Green Refinances Mortgage on Flatiron District Office Tower\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/\",\"name\":\"CommercialCafe\",\"description\":\"Your Commercial Real Estate Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialcafe.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241\",\"name\":\"Diana Sabau\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93\",\"caption\":\"Diana Sabau\"},\"description\":\"Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.\",\"sameAs\":[\"diana.sabau@yardi.com\"],\"jobTitle\":\"Senior Content Writer, CRE News & Market Analysis\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/author\/diana-sabau\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"SL Green Refinances Mortgage on Flatiron District Office Tower - CommercialCafe","description":"SL Green has completed a major refinancing deal worth $1.4 billion for 11 Madison Ave. in Manhattan's Flatiron District.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/","og_locale":"en_US","og_type":"article","og_title":"SL Green Refinances Mortgage on Flatiron District Office Tower","og_description":"SL Green has completed a major refinancing deal worth $1.4 billion for 11 Madison Ave. in Manhattan's Flatiron District.","og_url":"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/","og_site_name":"CommercialCafe","article_published_time":"2025-09-29T04:03:55+00:00","og_image":[{"width":1980,"height":1280,"url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/09\/Madison-Square-Park-view.jpg","type":"image\/jpeg"}],"author":"Diana Sabau","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Diana Sabau","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/","url":"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/","name":"SL Green Refinances Mortgage on Flatiron District Office Tower - CommercialCafe","isPartOf":{"@id":"https:\/\/www.commercialcafe.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/09\/Madison-Square-Park-view.jpg","datePublished":"2025-09-29T04:03:55+00:00","author":{"@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241"},"description":"SL Green has completed a major refinancing deal worth $1.4 billion for 11 Madison Ave. in Manhattan's Flatiron District.","breadcrumb":{"@id":"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/#primaryimage","url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/09\/Madison-Square-Park-view.jpg","contentUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/09\/Madison-Square-Park-view.jpg","width":1980,"height":1280,"caption":"11 Madison Avenue"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialcafe.com\/blog\/sl-green-refinances-mortgage-11-madison-avenue\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialcafe.com\/blog\/"},{"@type":"ListItem","position":2,"name":"SL Green Refinances Mortgage on Flatiron District Office Tower"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialcafe.com\/blog\/#website","url":"https:\/\/www.commercialcafe.com\/blog\/","name":"CommercialCafe","description":"Your Commercial Real Estate Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialcafe.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241","name":"Diana Sabau","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93","contentUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93","caption":"Diana Sabau"},"description":"Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.","sameAs":["diana.sabau@yardi.com"],"jobTitle":"Senior Content Writer, CRE News & Market Analysis","url":"https:\/\/www.commercialcafe.com\/blog\/author\/diana-sabau\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/09\/Madison-Square-Park-view.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/45432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/comments?post=45432"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/45432\/revisions"}],"predecessor-version":[{"id":45440,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/45432\/revisions\/45440"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/media\/45433"}],"wp:attachment":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/media?parent=45432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/categories?post=45432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/tags?post=45432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}