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Vornado Completes $525 Million Refinancing of One Park Avenue

Written by Customer Service on . Posted in Public Companies.

NEW YORK, Feb. 26, 2021 (GLOBE NEWSWIRE) — VORNADO REALTY TRUST (NYSE: VNO) announced today that its 55% owned joint venture has completed a $525 million refinancing of One Park Avenue, a 943,000 square foot Manhattan office building. The interest only loan carries a rate of LIBOR plus 1.107% (currently 1.222%) and matures in February 2026, as fully extended.
The loan replaces the previous $300 million loan that bore interest at LIBOR plus 1.75% and was scheduled to mature in March 2021. Vornado’s share of the net proceeds was approximately $105 million.Vornado Realty Trust is a fully-integrated equity real estate investment trust.CONTACT

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