Vornado Gets $120M Refinancing For NYC Retail Building

Law360, New York (November 21, 2012, 7:56 PM EST) -- Vornado Realty Trust has secured a $120 million refinancing of 4 Union Square South, the 206,000-square-foot retail building across from Union Square Park where Burlington Coat Factory inked a more than 90,000-square-foot lease earlier this year, Vornado said Wednesday.

Vornado said it realized about $42 million in net proceeds from the refinancing after paying existing loans and closing costs on the property. The seven-year loan bears a 2.15 percent interest rate and amortizes on a 30-year schedule beginning in three years, according to the real estate...
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