SL Green Realty Corp. Announces $500 Million Mortgage Refinancing of 919 Third Avenue

SL Green Realty Corp. SLG today announced that it has successfully refinanced 919 Third Avenue, which it owns in a joint venture partnership with New York State Teachers Retirement System. The new 12-year, $500 million mortgage, was originated jointly by Metropolitan Life Insurance Company and Pacific Life Insurance Company. The loan, which bears interest at a fixed rate of 5.116% and matures in 2023, replaces the former 10-year, $250 million loan, which carried a balance of $218 million at payoff with a 6.867% interest rate and was set to mature in August, 2011. Located on Third Avenue between 55th and 56th Streets just steps from seven subway lines, 919 Third Avenue is a 1.4 million square foot, 47-story, Class A office tower. Prominent building tenants include law firms Debevoise & Plimpton and Schulte Roth & Zabel, global banking giant BNP Paribas and direct marketing specialist Draft Worldwide.