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 of 2029.
This latest financing replaces the previous $500 million loan which was paid down by $100 million. The prior loan carried an interest rate based on SOFR plus 1.11% and was set to mature in August of 2024. Vornado Realty Trust’s commitment to this project is evident through their full guarantee on the previous loan.
The successful completion of this refinancing further solidifies Vornado’s position as an expert player in the real estate market.
