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HIGH POINT, NC-Vornado Realty Trust has completed the $195-million refinancing of High Point Complex. The transaction carries an interest rate of 6.1% and matures in August 2016.

As a result of the financing, Vornado realized net proceeds of approximately $83.8 million after repaying the existing loans on the property and the closing costs, including a $9-million defeasance cost. That cost will be recognized as an expense in the third quarter, according to a company statement.

High Point Complex consists of slightly more than two million sf of permanent and temporary showroom space in five buildings. The Paramus, NJ-based REIT closed on the purchase of the complex in December 1998. At the time, it consisted of 1.05 million sf of space. The deal carried a $97-million price tag, including $46 million in debt and $51 million in operating partnership units plus 6.5% preferred operating partnership units convertible at $43.74 per unit, a spokeswoman for the company tells GlobeSt.com.