$1.5B Loan Paves Way for Second-Tallest NYC Building

SL Green Realty Corp. closed on $1.5 billion of construction financing to develop One Vanderbilt. The 1.6-million-square-foot office tower, topping out at 1,401 feet, will be the tallest building in Midtown Manhattan, and the second-tallest in New York City.

The building will encompass an entire block, adjacent to Grand Central Station Terminal. Construction will begin in Q2 2017, with completion expected in 2020. TD Bank signed a 20-year, 200,000-square-foot lease, including its retail flagship store, making it the first office and retail anchor tenant in the building.

The financing has a term of up to seven years, and bears interest at 3.5% above LIBOR, as well as a reduction to as low as 3.0%, upon achieving pre-leasing and completion milestones.

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