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$290M Construction Loan Set, Funds Redo

PARAMUS, NJ-The funding, picked up by Vornado, covers the ongoing redevelopment of the one million-sf Bergen Town Center.

By Eric Peterson | Updated on March 25, 2008

PARAMUS, NJ-It used to be known as Bergen Mall, but Vornado Realty Trust is redeveloping the one-million-sf property on Route 4 here as Bergen Town Center. And Vornado has picked up $290 million in construction financing to help complete that transformation.

The interest-only loan has a rate of Libor plus 1.5%, according to information released by Vornado this week. It matures in March 2011 with two one-year extension options. The source of the funding was not released.

The mall area subject to the loan totals approximately 950,000 sf, with about 40% of that leased to anchors Century 21, Whole Foods and Target, according to a spokesman. Vornado also plans to develop another 250,000 sf of retail space on an adjacent 27.5 acres.

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