October 20, 2020
Vornado Realty Trust has completed a $500-million refinancing of PENN11, a 1.2-million-square-foot Manhattan office building just south of Penn Station along Seventh Avenue. The interest-only loan from an undisclosed lender carries a rate of Libor plus 2.75% and matures in October 2025, as fully extended.
The loan retires a seven-year, $450-million loan that bore interest at a fixed rate of 3.95% and was scheduled to mature in December. When Vornado obtained that financing, the circa-1923 property was still called 11 Penn Plaza.
Formerly known as the Equitable Life Assurance Building, the 26-story PENN11 counts the New York headquarters of Macy’s and AMC Networks among its tenants.
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