Vornado Seals $330M Refinancing Of NYC Office Tower

Law360, New York (January 3, 2012, 1:28 PM EST) -- Vornado Realty Trust has completed a $330 million refinancing of 11 Penn Plaza, a 1.1-million-square-foot office tower near Penn Station, New York's regional rail hub, the company announced Tuesday.

The real estate investment trust, one of Manhattan's biggest office landlords, said it will net $126 million after paying off an existing mortgage on the property, which it bought in 1997. The new seven-year loan bears interest at Libor plus 2.35 percent — 2.64 percent Tuesday — and replaces a 5.2 percent loan negotiated in 2004....
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