Vornado Seals $325M Refinancing Of Manhattan Mall

Law360, New York (March 8, 2012, 7:40 PM EST) -- Vornado Realty Trust has completed a $325 million refinancing of its 1.1 million-square-foot retail and commercial property in midtown Manhattan, realizing net proceeds of about $87 million, taking advantage of the city's improving lending market, the company said Thursday.

The interest rate on the new loan, which matures in 2015, is at the Libor plus 2.5 percent, which was equal to 2.74 percent Wednesday, according to a statement issued by Vornado.

A spokesman declined to comment on what plans the real estate investment trust might have...
To view the full article, register now.