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Vornado Completes $260M Multifamily Refinancing

WASHINGTON, DC-The River House Apartment Complex refinancing is part of a $409-million investment in H Street Building Corp.

By Erika Morphy | Updated on March 12, 2008

WASHINGTON, DC-Vornado Realty Trust has refinanced a multifamily holding of its subsidiary, H Street Building Corp., a real estate development operation that owns offices, retail buildings and apartments in the District area. The $260-million refinancing of River House Apartment Complex consists of a $196-million, interest-only seven-year 5.43% fixed-rate mortgage and a $64-million interest-only 10-year floating rate mortgage at the Freddie Mac Reference Note Rate plus 1.53%.

Located in Pentagon City, VA, River House is a 1,670-unit, three-building complex whose refinancing–along with the proceeds from a land sale scheduled to close this year–will register Vornado’s total investment in the H Street Building subsidiary at $409 million. Of that figure, $78 million is cash, and the remainder, debt.

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