The Irvine Company is close to refinancing its Midtown, Manhattan skyscraper through a $1.5 billion loan.

The news comes via a report from credit-rating agency KBRA, which said the loan is anticipated to carry a 10-year term at a fixed rate of 6.25 percent. The previous rate was 3.6 percent.

Also, KBRA rated the loan-to-value of the transaction at 78.3 percent.

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