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Article: SL Green Realty Corp. Recapitalizes 1604 Broadway.
- Article from:
- Business Wire
- Article date:
- April 24, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- SL Green Realty Corp. (NYSE: SLG) today announced that it has completed a refinancing of 1604 Broadway for $27 million, returning more than 100 of SL Green's investment in the property and triggering an incentive fee that increased SL Green's effective ownership of the property from 45 to 63. The mortgage has an effective interest rate of 5.66 and matures in April 2012.
SL Green, in partnership with Jeff Sutton and Onyx Equities, acquired the leasehold interest in the 41,100-square-foot Times Square retail property in November 2005. After repositioning the property and implementing a targeted leasing campaign, the venture executed a lease with ...