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M&T Bank and Natixis Co-lead $195MM Financing for Midtown Manhattan Office Building

November 02, 2017, 08:00 AM
Filed Under: Real Estate

M&T Bank, as Administrative Agent and left lead, and Natixis are the co-lead arrangers on a $195 million senior loan secured by a 347,694-square-foot, Class A office building at 55 West 46th Street in the heart of Midtown Manhattan, known as Tower 46. The property is owned by SL Green Realty Corp. and PGIM, Inc. SL Green (NYSE: SLG) is an S&P 500 company and New York City's largest office landlord. PGIM, Inc. is the global investment management arm of Prudential Financial, Inc.  Proceeds of the loan will provide capital to complete the lease up of the building.
Tower 46 was developed in 2013 and acquired by SLG and PGIM in 2014. It is one of the newest Class A office buildings in Midtown Manhattan. The property is favorably located within a few blocks of Grand Central Terminal, Bryant Park, Times Square and Rockefeller Center.

The property consists of a commercial condo unit comprised of the top thirteen 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. Tenants at the property benefit from sweeping views of the Manhattan Skyline, including Rockefeller Center to the north and the Empire State Building to the south.

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