Jul
26
Vornado Completes $500M NYC Refi
ByThe 40-story office building is located in midtown Manhattan at 330 Madison Ave. It’s the fourth Manhattan asset the REIT or an affiliate has refinanced in the last eight months.
Vornado Realty Trust has added 330 Madison Ave. to its list of recently refinanced Manhattan office buildings, announcing that its 25 percent owned joint venture secured a $500 million loan for the 40-story office building.
The seven-year interest only loan matures in August 2024 and has a fixed rate of 3.475 percent. Vornado’s share of the net proceeds, after repayment of the existing $150 million loan and closing costs, was approximately $85 million. The previous loan from German bank Landesbank Baden Wurttemberg was originated in July 2015, according to Yardi Matrix data. The new loan was provided by Wells Fargo Commercial Mortgage Securities in a privately placed commercial mortgage security, the Commercial Observer reported…
