Vornado Completes $167.5 Million Refinancing of 61 Ninth Avenue
NEW YORK…..VORNADO REALTY TRUST (NYSE: VNO) announced today that its 45.1% owned joint venture has completed a $167.5 million refinancing of 61 Ninth Avenue, a 170,000 square foot newly constructed office and retail property in the Meatpacking district of Manhattan, which is fully leased to Aetna and Starbucks. The seven-year interest only loan carries a rate of LIBOR plus 1.35% (currently 3.79%) and matures in January 2026. Vornado realized net proceeds of approximately $31 million.
The loan replaces the previous $90 million construction loan that bore interest at LIBOR plus 3.05% and was scheduled to mature in 2021.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.