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United States : SL green & vornado complete $900 million refinancing of 280 park avenue.

SL Green Realty Corp. and Vornado Realty Trust today announced that they have closed on the refinancing of 280 Park Avenue, a premier 1,250,000 square foot Manhattan office building that is held by the companies in a joint venture.

The new $900 million loan carries a 3-year term (subject to four 1-year extension options) and a floating interest rate of LIBOR plus 2.00% (currently 2.44%). The loan replaces the previous $721 million indebtedness that carried an interest rate of approximately 6.35%.

The refinancing comes on the heels of the completion of a transformational $150 million redesign and renovation of the buildings facade and interior. Included in the renovations were the creation of an expansive world-class lobby, an extensive program to enhance environmental sustainability, a complete redesign of the buildings adjacent plaza and building-wide infrastructure upgrades, including new elevator cabs and bathrooms, new thin line perimeter induction units, new electrical distribution and state-of-the-art security.

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Publication:Mena Report
Date:May 19, 2016
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