Wednesday, August 5, 2009
SL Green Refinances the Graybar Building in Manhattan
The outstanding loan amount on the Graybar Building was $108,301,383 and carried an 8.45% coupon and had an ARD date of 11/1/2010 - it represented 19% of COMM 2001-J1A.
It was refinanced by TIAA Cref with a $145 million loan, but I haven't seen the terms - although they were likely an improvement over the old loan given the strong performance of the building (1.95x DSCR 3Q 2009) and low LTV (it was just 56% in 2001 when GACC underwrote the old loan, so it is likely comparable today considering appreciation and the cash they took out with the new loan).
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