Vornado Refinances Eleven Penn Plaza For $450M

Law360, New York (December 2, 2013, 3:37 PM EST) -- Vornado Realty Trust has wrapped up a $450 million refinancing of Eleven Penn Plaza in New York, realizing $107 million after paying off the property's loans and fees, the real estate investment trust announced Monday.

The 1.1 million-square-foot, 23-floor property sits on Seventh Avenue between 31st and 32nd streets and is occupied by tenants such as Macy's and Madison Square Garden. Vornado's loan, with interest only at 3.95 percent, is set for seven years, the company said. This is the second major Midtown property Vornado has...
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