Vornado Completes $100 Million
Refinancing of 33 – 00 Northern Boulevard
Realizing $37.2 Million of Net Proceeds
NEW YORK…..VORNADO REALTY TRUST (NYSE:VNO) announced today that it has completed a $100 million refinancing of 33–00 Northern Boulevard, a 471,000 square foot office building located in Long Island City, New York. This seven-year loan is at LIBOR plus 1.80%, which was swapped to a fixed rate of 4.14%. The loan is interest only for the first five years and includes principal amortization of $1.8 million per annum beginning in year six. The Company realized net proceeds of approximately $37.2 million after repaying the existing 4.43% $59.8 million loan and closing costs.
Vornado Realty Trust is a fully integrated equity real estate investment trust.