May
22
Vornado, SL Green JV Completes Refi of 280 Park Ave.
ByThe joint venture partners have completed the $900 million refinancing of the Midtown Manhattan office tower.
280 Park Ave., New York
New York—After completing a $150 million renovation and repositioning of 280 Park Ave., co-owners SL Green Realty Corp. and Vornado Realty Trust have closed on a $900 million refinancing of the 1.26 million-square-foot midtown Manhattan office building.
The new three-year loan has four one-year extension options and carries a floating interest rate of LIBOR plus 2 percent (currently 2.44 percent), according to a joint news release. The loan replaces the previous $721 million debt that had an interest rate of approximately 6.35 percent…
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