Vornado Realty Trust, a fully integrated equity real estate investment trust, has successfully completed a $400 million refinancing for its 52%-owned street retail joint venture at 640 Fifth Avenue. The property, located in Midtown and spanning over 315,000 square feet of office and retail space, secured a new interest-only loan with a fixed rate of 7.47% that will mature in July 2029.
This latest financing replaces the previous $500 million loan which had been partially paid down by $100 million. The prior loan was fully guaranteed by Vornado and carried an interest rate based on SOFR plus 1.11%, with maturity set for August 2024.
The successful refinancing is indicative of Vornado’s expertise in the real estate market as well as its commitment to strategic financial management practices.
