Vornado refinances Manhattan mixed use
Vornado Realty Trust has completed the refinancing office and retail property in Midtown Manhattan, for $850 million.
The financing consists of an interest only loan bearing interest at LIBOR plus 1.55 percent, currently 4.06 percent.The transaction marks the third time the REIT has refinanced the mixed use asset in seven years.
Vornada Realty Trust’s New York division said that the Interpublic Group expanded again at 100W. 33rd St. by 44,000 sqaure feet, bringing IPG’s total footprint there to 662,000 square feet. In 2018, Vornado Realty Trust completed the refinancing of five assets with loans totaling nearly $1.4 billion.
The 12 storey asset is located at 100 W. 33rd St. in the Penn Sttaion distirct. It involves 850,000 square feet of office space and 250,000 square foot Manhattan Mall.
According to an article in CP Executive, the company has owned 100 W. 33rd St. since acquiring the building and 250,000 square feet of additional air rights for $689 million in cash in 2007. In 2012, the REIT refinanced the property with a $325 million loan bearing interest at LIBOR plus 2.5 percent and repeated the process in 2015 with a $580 million, interest-only loan carrying a rate of LIBOR plus 1.65 percent.
The REIT secured an interest only loan to replace a 2015 mortgage on the property in Midtown Manhattan. The loan was scheduled to mature in 2020.
Source: CP Executive
Fulya Altunyay/ [email protected]