SL Green partners with Sutton, Stonehenge for latest deal flurry.
SL Green announced in October 2011 an agreement to acquire 724 Fifth Avenue as part of a larger agreement to acquire a portfolio of residential and commercial properties.
The purchase price of the 12-story, 65,010 s/f property partially was financed with a 5-year $120.0 million floating rate mortgage which bears interest at 235 basis points over the 30-day LIBOR.
724 Fifth Avenue is a prestigious retail location between 56th and 57th Streets. It is close to other retail properties in which SL Green and Jeff Sutton have interests, including 717 Fifth Avenue, home to Giorgio Armani's flagship store and the future flagship store of Dolce & Gabanna, and 720 Fifth Avenue, home to Abercrombie & Fitch.
Prada currently occupies approximately 20,700 s/f including the grade, mezzanine, second floor and lower level retail, as well a boutique office floor and the remaining commercial square footage is occupied by a select group of gallery and office tenants.
SL Green also closed on the acquisition of seven commercial and multifamily properties for $193.1 million with its joint venture partner Stonehenge Partners.
Two of the residential properties, which encompass 385 units, were financed with 7-year fixed rate mortgage financings totaling $100 million which bear interest at 4.125%.
The retail property located at 762 Madison Avenue was financed with a 5-year, fixed rate $8.5 million mortgage loan which bears interest at 3.75%.
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|Comment:||SL Green partners with Sutton, Stonehenge for latest deal flurry.|
|Publication:||Real Estate Weekly|
|Date:||Feb 8, 2012|
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