Vornado Realty Trust has completed a $167.5 million refinancing of 61 Ninth Avenue, released in a statement. The 170,000 square foot newly constructed office and retail building is fully leased to Aetna and Starbucks.
The seven-year interest only loan carries a rate of LIBOR plus 1.35% (currently 3.79%) and matures in January 2026. Vornado realized net proceeds of approximately $31 million.
The loan replaces the previous $90 million construction loan that bore interest at LIBOR plus 3.05% and was scheduled to mature in 2021.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.