HIGH POINT, NC-Vornado Realty Trust is expected to surrender its property rights on a furniture mart measuring two million square feet in High Point, NC, to its mortgage holders. According to Realpoint LLC, it has been over 90 days since Vornado defaulted on its $191 million mortgage payments.
Vornado will transfer its property rights in a deed-in-lieu of foreclosure transaction to J.E. Robert Cos., which is the special servicer overseeing the mortgage. For the full story, go to Wall Street Journal.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
