JPMorgan Chase Records $800M Mortgage on 245 Park Avenue

A mortgage for $800 million was recorded against 245 Park Avenue on October 26, with 245 Park Avenue Property LLC as borrower and JPMorgan Chase Bank, N.A. as lender, according to ACRIS deed records for block 1301, lot 1 in Midtown Manhattan. The filing is public confirmation of a piece of the $2.0 billion refinancing that SL Green Realty and a U.S. affiliate of Japan’s Mori Trust announced for the 1.8 million square foot tower, a single asset, single borrower CMBS deal that closed October 14.

Why it matters

This is the paper trail behind a refinancing move, not a sale. JPMorgan led the lender group on the $2.0 billion package, with Bank of America, Deutsche Bank, Bank of Montreal, Goldman Sachs, Societe Generale and Citibank also participating, so an $800 million mortgage naming JPMorgan as lender fits its role as agent bank recording its share of the new debt stack. The move replaces roughly $1.768 billion in existing mortgage and mezzanine financing, debt that traced back to SL Green’s 2022 acquisition of control from HNA Group’s distressed asset sales. Locking in new, larger, lower-leverage financing on a fully leased trophy tower reads as SL Green and Mori Trust extending their hold and refreshing the capital stack ahead of the prior debt’s maturity, rather than preparing to sell.

The numbers

The five year, fixed rate CMBS loan priced at 147 basis points over the Treasury index, for a 6.52% rate; SL Green said it hedged its share down to an effective 6.37%. Mori Trust took a 49.9% stake in the building from SL Green in 2023, three years after SL Green had taken over the asset from HNA Group. Public filings do not break the $2.0 billion into its individual tranches, so it is not possible to say from ACRIS alone whether the $800 million JPMorgan piece is the senior note, a co-lender slice, or the full balance of one component of the larger facility.

What’s next

No sale or ownership change is indicated. SL Green and Mori Trust’s statements frame the refinancing as the capstone of SL Green’s broader 2026 debt paydown plan, and the building remains fully leased. The next filings to watch are any companion mortgages or assignments on the same block and lot that would complete the $2.0 billion picture, and whether other Midtown owners facing 2019 vintage debt, like SL Green’s own 521 Fifth Avenue, can find financing on similar terms.