SL Green, Vornado Close $1.08 Billion Refinancing Loan for Major New York Office Tower

With higher interest rates having seized up industry financing especially for office properties, SL Green Realty and Vornado Realty Trust, two of New York’s major office developers, have closed on a $1.08 billion refinancing loan for a 1.25-million-square-foot property they co-own in midtown Manhattan. The pair also paid down a mezzanine loan tied to the property at a steep discount.