Stay or Go? Vornado Ponders Telling DC Goodbye

WASHINGTON, DC—Last week, Vornado Realty Trust gave the local market a hint at the proceeds it could realize from its DC area holdings. The REIT announced it completed a $308 million refinance of RiverHouse Apartments, a three-building, 1,670-unit complex. The loan was secured at an interest-only LIBOR + 1.28% rate, maturing in 2025. And the net proceeds? $43 million.

To be sure, stacked up against Vornado’s local portfolio, $43 million does not seem especially significant. Certainly it is downright puny when compared to another recent deal by Vornado here: the final transfer of the redeveloped Springfield Town Center to Pennsylvania Real Estate Investment Trust for $465 million.