NEW YORK—SL Green Realty Corp. has closed on a $900 million first mortgage refinancing of its 1515 Broadway property. The 12-year, fixed rate mortgage financing replaces the former $775 million mortgage loan.

SL Green will recognize approximately $116 million in net proceeds from the transaction.

Skadden, Arps, Slate, Meagher & Flom LLP acted on behalf of SL Green, while Sidley Austin LLP represented the lender group in the transaction.

Totaling more than 2 million sq. ft. of space, 1515 Broadway was constructed in 1972 and stands 56 stories tall. A $60 million renovation was completed in 2010 at the property.