{"id":1004710781,"date":"2024-04-17T09:03:56","date_gmt":"2024-04-17T17:03:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004710781"},"modified":"2024-04-18T06:24:27","modified_gmt":"2024-04-18T14:24:27","slug":"sl-green-and-vornado-score-1b-loan-extension-for-nyc-trophy-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-and-vornado-score-1b-loan-extension-for-nyc-trophy-tower\/","title":{"rendered":"SL Green, Vornado Score $1B Loan Extension for NYC Trophy Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"800\" data-attachment-id=\"1004710782\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sl-green-and-vornado-score-1b-loan-extension-for-nyc-trophy-tower\/280-park-ave-main-image\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/280-Park-Ave.-main-image.jpg\" data-orig-size=\"640,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"280-Park-Ave.-main-image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/280-Park-Ave.-main-image.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/280-Park-Ave.-main-image.jpg\" alt=\"\" class=\"wp-image-1004710782\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/280-Park-Ave.-main-image.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/280-Park-Ave.-main-image.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption class=\"wp-element-caption\">280 Park Ave., which had a $1.075 billion loan maturity extended by two years. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>SL Green Realty Corp. and Vornado Realty Trust have secured a two-year extension for the $1.1 billion securitized mortgage on 280 Park Ave. in Midtown Manhattan.<\/p>\n\n\n\n<p>Originally due to mature this September, the loan on the 1.3 million-square-foot trophy tower will now come due in September of 2026, with the partners retaining the option to fully extend the maturity date to 2028.<\/p>\n\n\n\n<p>According to CommercialEdge information, the loan, taken out in 2017 and originated by Deutsche Bank, replaced a <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-vornado-snag-1-2b-refi-for-manhattan-tower\/\">$900 million refinancing<\/a> that was secured the previous year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-midtown-trophy\">A Midtown trophy<\/h2>\n\n\n\n<p><em>Commercial Observer<\/em> reported that SL Green and Vornado entered into a special servicing agreement with Wells Fargo last December, which started negotiations for the now-complete extension. That month, the owners also closed on a <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-vornado-ink-lease-expansion-in-midtown-manhattan\/\">lease renewal and expansion<\/a> with PJT Partners, which brought the tenant\u2019s footprint at the property to 270,000 square feet.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/uli-special-report-the-past-present-future-of-cbds\/\"><span class=\"fl-heading-text\">ULI Special Report: What\u2019s Ahead for CBDs<\/span><\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>One of Midtown\u2019s most recognizable office towers, 280 Park was built in 1962 and underwent a $150 million gut renovation in 2014. SL Green acquired a $500 million, 49.5 percent ownership stake in the asset in 2011. CBRE handles leasing at the property, tenants including Wells Fargo, Greystar, Investcorp and Franklin Templeton.<\/p>\n\n\n\n<p>As its address suggests, 280 Park is flanked by many of Midtown\u2019s most recognizable landmarks and destinations, including Grand Central Terminal and Rockefeller Center, both of which being roughly a quarter mile to the south and west, respectively.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-part-of-a-2-1-billion-debt-adjustment-strategy\">Part of a $2.1 billion debt adjustment strategy<\/h2>\n\n\n\n<p>The deal is part of $2.1 billion in recent strategic debt modifications and extensions across SL Green&#8217;s portfolio. One of the other deals involved a $125 million mezzanine loan also encumbering 280 Park. The partnership separately modified and extended that note and subsequently repaid the loan for $62.5 million.<\/p>\n\n\n\n<p>Together with its joint venture partners, the company also closed on the modification and extension of the $360 million loan on 100 Park Ave. The maturity date of the mortgage was extended by two years, to December 2025.<\/p>\n\n\n\n<p>Additionally, SL Green also completed the modification and extension of the mortgage on 10 E. 53rd St., a 37-story office building. The modification comprised a paydown of the principal balance by $15.0 million, to $205 million, and extended the maturity date by three years to May 2028. SL Green also entered into a contract to acquire its partner&#8217;s 45 percent interest in the nearly 393,000-square-foot asset for $7.2 million, with the sales expected to close in the fourth quarter of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In total, the company recently restructured, modified or extended more than $2 billion in debt.<\/p>\n","protected":false},"author":3012,"featured_media":1004710786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,1600,21742,10,21747],"tags":[32789,32791,34964,33030,33277],"class_list":["post-1004710781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-deutsche-bank","tag-sl-green-realty-corp","tag-vornado-realty-trust","tag-wells-fargo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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