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SL Green closes $1.5B construction loan for One Vanderbilt tower

SL GreenRealty Corp. closed on $1.5 billion of construction financing forits OneVanderbilt tower,paving the way for the project to move forward, and leased more than 300,000square feet at another Manhattan, N.Y., office property.

One Vanderbilt will encompass an entire block adjacent toGrand Central Terminal in Midtown Manhattan. The seven-year loan bears afloating interest rate of 3.50% over the LIBOR and includes an option to reducethe spread to as low as 3.00%.

The facility is led by Wells Fargo Bank NA as administrativeagent. Syndication agents include the Bank of New York Mellon, JP Morgan Chase Bank,TD Bank NA and Bank of China. Landesbank Baden-Württemberg is the documentationagent. It was reported in June that the company was pursuing theconstruction loan.  

One Vanderbilt will be 58 stories tall and contain 1.6million square feet of rentable space. It will be the tallest building inMidtown Manhattan and the second tallest in New York City upon completion. TDBank signed on in 2014 as the first office and retail anchor tenant at theproject.

Vertical construction is slated to commence in the secondquarter of 2017, with completion expected in 2020. TishmanConstruction will manage the project.

SL Green recently reached a settlement deal with Midtown TDRVentures to resolve litigation surrounding the development.

Separately, the company executed a 30-year leaseholdcondominium conveyance spanning 308,115 square feet at . VisitingNurse Service of New York will use the property at 220 E. 42nd St. as itsheadquarters. The lease covers the entire third, fifth and sixthfloors as well as part of the second, seventh, ground and concourse levels atthe building.

Steven Durels, executive vice president and director ofleasing and real property for SL Green, called the transaction"complicated" in a release and said it involved the creation of aprivate lobby and "significant" upgrades to infrastructure to supportVNSNY's high-density occupancy.

Omnicom Group also leases space at the building.