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**SL Green, PGIM Near $1.4B Refinance of 11 Madison Avenue**
A joint venture between SL Green Realty Corp. and PGIM Real Estate is set to finalize a $1.4 billion refinancing deal for 11 Madison Avenue, a 2.3-million-square-foot office tower located in Midtown South, New York City.
According to Crain’s New York Business, the financing is being arranged by a consortium of major lenders including Wells Fargo, JPMorgan Chase, Bank of America, Goldman Sachs Bank, German American Capital Corp., and Bank of Montreal. This new loan will replace a $1.1 billion financing package that matured earlier this month.
Proceeds from the refinancing will be used to repay the existing debt and provide funding for tenant improvements and leasing commissions. SL Green acquired the 30-story Art Deco office property from the Sapir Organization for approximately $2.4 billion in 2015. PGIM, the real estate investment arm of Prudential Financial, later acquired a 40% ownership stake in the tower in 2016.
From 2016 through 2024, 11 Madison Avenue has consistently maintained occupancy levels above 95%, according to industry reports. Recent additions to the building’s tenant roster include Pinterest and Tempus AI. Constructed in multiple phases between 1932 and 1950, the property remains one of the premier office assets in Midtown South.
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