The loan matures in February 2011 with two one-year extension options. After repaying the existing loan and closing costs, Vornado Realty realized net proceeds of approximately $193 million.
Tenants at the property, located at Sunrise Highway and Green Acres Road, include JC Penney, H&M, Men's Wearhouse, Modell's Sporting Goods, New York & Co., Old Navy, Macy's, Sears, Aeropostale, American Eagle, and Best Buy. Vornado sources were not able to respond to GlobeSt.com queries, including reasons for refinancing, plans for the money, and who the lender is.
Vornado has recently been in the news with a planned JV one-million-sf tower in the works above Port Authority Bus Terminal. That transaction is expected to generate approximately $500 million over the term of the lease.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
