Vornado Completes $100 Million Refinancing of 33–00 Northern Boulevard Realizing $37.2 Million of Net Proceeds
January 11 2018 - 8:52AM
VORNADO REALTY TRUST (NYSE:VNO) announced today that it has
completed a $100 million refinancing of 33–00 Northern
Boulevard, a 471,000 square foot office building located in Long
Island City, New York. This seven-year loan is at LIBOR plus
1.80%, which was swapped to a fixed rate of 4.14%. The loan
is interest only for the first five years and includes principal
amortization of $1.8 million per annum beginning in year six.
The Company realized net proceeds of approximately
$37.2 million after repaying the existing 4.43% $59.8 million
loan and closing costs.
Vornado Realty Trust is a fully integrated
equity real estate investment trust.
Certain statements contained herein may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors include, among others, risks associated with the timing of
and costs associated with property improvements, financing
commitments and general competitive factors.
CONTACT: JOSEPH MACNOW(212) 894-7000
Vornado Realty (NYSE:VNO)
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