VNO - Vornado's Retail JV Completes $400 Million Refinancing of 640 Fifth Avenue
NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 52% owned street retail joint venture has completed a $400 million refinancing of 640 Fifth Avenue, a 315,000 square foot Manhattan office and retail property. The interest only, non–recourse loan carries a fixed rate of 7.47% and matures in July 2029.
The street retail joint venture paid down by $100 million the prior $500 million loan, which was fully guaranteed by Vornado, bore interest at SOFR plus 1.11% and was scheduled to mature in August 2024.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
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