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Vornado Refinances Manhattan Property for 353 Million

The REIT said it realized net proceeds of about $176.3 million after repaying its existing loan and remitting closing costs.Vornado Realty Trust (NYSE:VNO) of Paramus said today that it has completed a $353 million refinancing of its 1,046,000-sq.-ft. office building located at 770 Broadway in Manhattan.

The new interest-only loan, which matures on March 8, 2016, is set at a fixed rate of 5.7%. The REIT said it realized net proceeds of about $176.3 million after repaying its existing loan and remitting closing costs. Vornado Realty Trust’s commercial holdings, which total more than 25 million sq. ft., include some 60 buildings in Washington, D.C. and about 20 in New York City.

Its retail portfolio comprises about 80 retail centers, including supermarkets, strip centers and malls in the Northeast and in California. Vornado shares were down $0.15 to $86.20 in late morning trading.

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