SL Green, Vornado Snag $1.2B Refi for Manhattan Tower

The new loan on the 280 Park Ave. office building, now 97 percent leased following its emergence from a sweeping $150 million renovation, replaces the $900 million refinancing secured in 2016.

SL Green Realty Corp. and Vornado Realty Trust have reeled in big-ticket refinancing for 280 Park Ave. in Manhattan for the second year in a row. The co-owners of the nearly 1.3 million-square-foot trophy office property just closed a $1.2 billion loan, replacing the previous $900 million loan obtained in May 2016.

The current refinancing of 280 Park, sited in Midtown Manhattan’s Plaza District, came in the form of a floating rate, interest-only loan with a current rate of 2.97 percent—LIBOR plus 1.73 percent—and a maturity date in September 2024. Last year’s refinancing trailed the completion of a $150 million renovation and repositioning of the 1960s’-era tower. This time around, lenders were presented not just with a comprehensiv…

SL Green, Vornado Snag $1.2B Refi for Manhattan Tower

Categories : Finance

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