Aareal Capital Corporation arranges USD 370 million syndicated Green Loan for Manhattan office building
Wiesbaden, 1 August 2022 – Aareal Capital Corporation, a wholly owned subsidiary of Aareal Bank, announces the closing of a financing agreement with SL Green Realty Corp., a fully integrated real estate investment trust (REIT) and Manhattan’s largest office landlord. Aareal Capital Corporation is acting as lead arranger, lender and agent for the USD 370 million senior mortgage facility that will be used to refinance the REIT’s share in the office building known as 100 Church Street. A total of USD 290 million has been syndicated to Crédit Agricole Corporate & Investment Bank, Helaba and Deutsche Pfandbriefbank.
Located at the intersection of Tribeca and the Financial District, 100 Church Street sits at the heart of a revitalised downtown Manhattan, steps away from the World Trade Center and Fulton Street transit hubs. Totalling 1.1 million square feet, the 21-story building is an early downtown example of new modern architecture. Since the acquisition by SL Green in 2010, the property has accumulated a variety of awards including the BOMA 360 Performance Award, the Energy Star Partner of the Year, and the WiredScore Gold award. Additionally, 100 Church Street is LEED Gold certified, WELL Health Safety Rated, and has won an Energy Star certification 10 times.
SL Green focuses primarily on acquiring, managing and maximising the value of Manhattan commercial properties, with direct ownership interest in 26.7 million square feet of Manhattan buildings.
“100 Church Street is an outstanding asset, which makes it even more valuable at a time when the office market is still recovering from Covid restrictions,” stated Douglas Traynor, Chief Executive Officer at Aareal Capital Corporation. “The quality of the property and the borrower are therefore just as crucial for this transaction as the financier's precise knowledge of the market. SL Green have impressively sustainably repositioned 100 Church Street – in the literal sense of the word.”
“SL Green has transformed 100 Church Street into an award-winning green building since our acquisition of the property and its comprehensive redevelopment in 2010,” said Harrison Sitomer, Chief Investment Officer of SL Green. “We greatly appreciate the partnership of Aareal Capital Corporation, which validates our belief in the long-term strength of this incredible asset and of prime Manhattan commercial real estate.”
SL Green was legally advised in this transaction by Paul, Weiss, Rifkind, Wharton & Garrison LLP, the lenders were advised by Kelley Drye & Warren LLP. Newmark Valuation & Advisory advised on the valuation.
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Aareal Bank Group:
Aareal Bank Group, headquartered in Wiesbaden, is a leading international property specialist. It provides smart financings, software products, and digital solutions for the property sector and related industries, and is present across three continents: Europe, North America and Asia/Pacific. Aareal Bank Group’s business strategy focuses on sustainable business success, with environmental, social and governance aspects as an integral part of this strategy. Aareal Bank AG, whose shares are included in Deutsche Börse’s SDAX index, is the Group’s parent entity. It manages the various entities organised in the Group’s business segments: Structured Property Financing, Banking & Digital Solutions, and Aareon. The Structured Property Financing segment encompasses all of Aareal Bank Group’s property financing and funding activities. Here, the Bank supports its clients in making large-volume commercial property investments. The investment properties mostly comprise office buildings, hotels, shopping centres, logistics and residential property, as well as student apartments. In the Banking & Digital Solutions segment, Aareal Bank Group supports businesses from the housing, property management and energy industries as a digitalisation partner – combining extensive advisory services and product solutions with traditional corporate banking services and deposit-taking. Its subsidiary Aareon, the leading supplier of ERP software and digital solutions for the European property sector and its partners, represents the third business segment. Aareon is digitalising the property industry by offering user-oriented software solutions that simplify and automate processes, support sustainable and energy-efficient operations, and interconnect all process participants.
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