Dechert, Sullivan Guide $500M Penn Plaza Refinance

Law360 (October 30, 2020, 5:27 PM EDT) -- Dechert represented Citibank on its $500 million loan to Sullivan & Cromwell-counseled Vornado Realty Trust for a property at Penn Plaza in Manhattan, according to records made public late in the day Thursday.

The loan from Citibank NA is for 11 Penn Plaza, and of the $500 million figure, $50 million is new financing for the property and the remainder is an assumption and refinancing of pre-existing debt there.

The property is located between Sixth and Seventh avenues and between West 31st and West 32nd streets. Penn Station is a block to the west, and the 34th Street – Penn Station...

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