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L Green has secured an extension and modification of the $742.8 million loan backing its office tower at 1515 Broadway in Midtown Manhattan. The maturity date is being pushed back three years to March 2028, while the interest rate remains at 3.93 percent. This move comes after the loan hit special servicing due to imminent maturity default earlier this month.

    The extension avoids a refinancing that would have likely resulted in a higher interest rate for SL Green. Despite concerns about the looming maturity date, the property's performance has been strong, with Paramount leasing a majority of the space and building revenue comfortably covering debt service.

    Notably, SL Green plans to transform the office tower into a Caesar's Palace casino as part of its $4 billion proposal in partnership with Caesars and Jay-Z's Roc Nation. The project is one of several bids for New York's downstate gaming license.