NEW YORK CITY-Alexander’s Inc., a publicly-traded REIT managed and one-third owned by Vornado Realty Trust, completed a $275 million refinancing for Rego Park II, a 610,000-square-foot shopping center in central Queens, the company announced. The new seven-year loan will repay the existing loan on the property.

According to previous SEC filings, as of December 31, 2010, the loan had a balance of $277,200,000 for the $410 million retail development. The new loan bears interest at LIBOR plus 1.85% and amortizes based on a 30-year schedule.

The 6.6-acre site is adjacent to the REIT’s 351,000-square-foot Rego Park I property at 97th Street, 62nd Drive and Junction Boulevard. The property is leased to three anchor tenants, including a 145,000-square-foot Costco, a 135,000 square-foot Century 21 and a 133,000-square-foot Kohl’s. In addition 47,000 square feet is leased to Toys “R” Us/Babies “R” Us.

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The original plan for Rego Park II called for a mixed-use building with four levels of retail and 315 residential units, but the apartment element of the project was scrapped in 2008, documents show. Midway through the development, a 138,000-square-foot Home Depot also pulled out of the project.

A Vornado spokesman did not return a phone call to GlobeSt.com for this story.

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