NEW YORK CITY-Publicly-traded REIT Vornado Realty Trust has refinanced 100 W. 33rd St.—a 1.1 million-square-foot mixed-use office/retail property featuring the Manhattan Mall—for $325 million, the REIT unveiled Thursday morning. The property, anchored by JCPenney, contains 243,000 square feet of retail and 847,000 square feet of office space.
According to a company statement from Vornado, the loan bears interest at LIBOR plus 2.5%, today 2.74%, and matures in March 2015 with two one-year extension options. The company realized net proceeds of approximately $87 million after repaying the existing loan on the property and closing costs.
On January 11, 2007, SEC filings show that Vornado paid $689 million in cash for the building and completed a $232-million financing secured by the property. According to Real Capital Analytics, the existing loan on the property was securitized in 2007 via a CMBS issue from Credit Suisse First Boston.
Located on the entire Sixth Avenue blockfront between 32nd and 33rd streets in Manhattan, the mall is adjacent to Vornado’s 1.4-million-square-foot Hotel Pennsylvania.
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