NEW YORK CITY-Just before the new year hit, publicly-traded REIT Vornado Realty Trust completed a refinancing of 11 Penn Plaza for $330 million on Dec. 28, the company said in a prepared statement on Jan. 3. The 23-story, 1.1-million-square-foot office building located in the center of Manhattan’s Penn Plaza district received a seven-year loan from HSBC Holdings PLC, according to data from Real Capital Analytics.

Vornado says the loan bears interest at LIBOR plus 2.35%, today 2.64%. In addition, the loan amortizes based on a 30-year schedule beginning in the fourth year. The REIT has realized net proceeds of approximately $126 million after repaying the existing loan on the property and closing costs.

Originally built in 1923, the building occupies the East Side of Seventh Avenue between 31^st and 32^nd Streets. It is 97% occupied, with major tenants like Macy’s Corporate and Rainbow Media Holdings Inc.