$1.2B Refi Completed for SL Green’s, Vornado’s 280 Park Ave

New York-based SL Green Realty Corp. and Vornado Realty Trust closed a $1.2-billion refinancing of 280 Park Avenue, a 1.25-million-square-foot Manhattan office building that is held by the companies in a joint venture. The 43-story tower occupies a full block on Park Avenue, from 48th to 49th Street.

The floating rate, interest-only loan carries a rate of LIBOR plus 1.73%, currently 2.97%, and matures in September 2024, as extended. The loan replaces the previous $900 million of indebtedness that bore interest at LIBOR plus 2.00%, scheduled to mature in May 2023.

The refinancing comes after the lease up of the Midtown building to roughly 97%, including the addition of the 19,000-square-foot Four Seasons restaurant, and following a $150-million transformational redesign and renovation of the building’s facade and interior.

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Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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