SL Green, Vornado close on $1.2B refi package for 280 Park

Refi replaces $900M Deutsche, Bank of China loan

TRD New York /
Aug.August 24, 2017 10:15 AM

SL Green Realty and Vornado Realty Trust closed on a $1.2 billion financing package to refinance the 43-story office tower at 280 Park Avenue.

The financing replaces a $900 million loan from a group that includes Deutsche Bank and Bank of China, which closed in 2016, that was set to mature in 2023. The new interest-only loan will mature in 2024 and carries a rate of Libor plus 1.73 percentage points.

It’s not immediately clear who the lender is.

It’s among several billion-dollar-plus refinancings to close this year on Manhattan office towers. Crown Acquisitions landed a $1 billion refinancing from a trio of lenders for the Olympic Tower, Boston Properties scored a $2.3 billion loan to refinance the GM Building, and RXR Realty and investor David Werner landed a $1.4 billion debt package at 5 Times Square.

Vornado and SL Green recently completed a $150 million renovation of the 1.2 million-square-foot building, and it is now at 97 percent occupancy. The tenant roster includes a list of financial firms including Wells Fargo, the Singapore government fund and private-equity firm Antares Capital.

The owners of 280 Park also landed the famed Four Seasons restaurant, which was ousted from its home at the Seagram Building last year by Aby Rosen. The restaurant is expected to open by Thanksgiving.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Free and clear: Vornado pays off debt at 220 CPS
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
902 Drew Street and 400 East 58th Street (Google Maps)

New York’s multifamily sales improve in Q3

New York’s multifamily sales improve in Q3
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
Steve Cohen and Citi Field (Getty)

Citi Field lease clause could stymie billionaire’s quest for the Mets

Citi Field lease clause could stymie billionaire’s quest for the Mets
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...