Vornado Realty Trust, a fully integrated equity real estate investment trust, recently completed the refinancing of its 52%-owned street retail joint venture at 640 Fifth Avenue. The property, which encompasses both office and retail space in Midtown Manhattan, secured a new interest-only loan with a fixed rate of 7.47% and maturity date in July 2029.
This $400 million non-recourse loan replaces the previous $500 million financing that was partially paid down by $100 million. The prior loan had been fully guaranteed by Vornado and carried an interest rate based on SOFR plus 1.11%. Its original maturity date was set for August 2024.
The successful completion of this refinancing further solidifies Vornado’s position as an expert player in the real estate market.
