VORNADO REALTY TRUST (NYSE:VNO) announced today that it has completed a
$350 million refinancing of 909 Third Avenue, a 1.3 million square foot
Manhattan office building. The seven-year loan is interest-only at
3.91%. The Company realized net proceeds of approximately $145 million
after repaying the existing 5.64%, $193 million mortgage, defeasance
costs and other closing costs.
Vornado Realty Trust is a fully integrated equity real estate investment
trust.
Certain statements contained herein may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, among others, risks associated with the timing of
and costs associated with property improvements, financing commitments
and general competitive factors.
Copyright Business Wire 2014