Vornado Scores $950M Refi For Midtown NYC Tower

Law360, New York (November 14, 2012, 2:00 PM EST) -- Vornado Realty Trust has secured a $950 million refinancing of 1290 Avenue of the Americas in New York City, the 2.1 million-square-foot, 43-story building it is currently redeveloping, the real estate investment trust announced late Tuesday.

Vornado said it pulled in $522 million in net proceeds from the refinancing after repaying its existing loan on the property and associated closing costs. The 10-year interest-only loan bears a 3.344 percent interest rate.

The REIT, which owns 70 percent of the property in a partnership with the Trump...
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