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Debt & EquityResidential

SL Green secures $195M from M&T Bank, Natixis to finance Tower 46

SL Green and Prudenital have secured a $195 million financing package to complete the lease-up of Tower 46 at 55 West 46th Street.

M&T Bank and Natixis are the co-lead arrangers on the senior loan secured by the 347,694 s/f Class A office building owned by SL Green and PGIM, the global investment management arm of Prudential Financial.

Tower 46 was developed by Extell Development as the International Gen Tower in 2013. SLG and PGIM acquired the top floors from Extell in 2014 for $275 million.

It is one of the newest Class A office buildings in Midtown Manhattan.

The property consists of a commercial condo unit comprised of the top 13 floors (22-34) of the building with a dedicated entrance on 46th Street, along with the entire second floor, the lower level fitness center, parking garage and the ground floor retail suite along West 46th Street.

Tenant amenities include a ground-floor Starbucks, high-end fitness center for tenant-use only, and on-site parking.

Major tenants include Nixon Peabody, Comcast and Fir Tree, Inc., a privately owned hedge fund sponsor.

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