Vornado Completes $205 Million
Refinancing of 150 West 34th Street
NEW YORK…..VORNADO REALTY TRUST (NYSE:VNO) announced today that it has completed a $205 million refinancing of 150 West 34th Street, a 78,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.88% (currently 4.19%) and matures in 2024, as extended.
The loan replaces the previous $205 million of indebtedness that bore interest at LIBOR plus 2.25% and was scheduled to mature in 2020, as extended.
Vornado invested $105 million in a participation in the refinanced loan, which earns interest at a rate of LIBOR plus 2.00% and also matures in 2024, as extended.
Vornado Realty Trust is a fully integrated equity real estate investment trust.