NEW YORK CITY – Vornado Realty Trust, a real estate investment trust headquartered in New York City, has completed an $800 million refinancing for its 20% stake in 650 Madison Ave. The 600,000 square foot Manhattan office and retail property bagged a ten-year interest-only loan with a fixed rate of 3.4% that matures in December 2029.
The loan replaces the previous $800 million loan that has a fixed rate of 4.4% and was set to come due in October 2020.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
