888 Seventh Avenue

May 30, 2019 Comments Off on Vornado Extends Loan on Midtown Headquarters Views: 195 Midtown New York, New York News

Vornado Extends Loan on Midtown Headquarters

Vornado Realty Trust has completed an extension of the $375-million loan on 888 Seventh Ave., a Midtown office property where the REIT is headquartered. The five-year loan, which replaced a previous $319-million mortgage, was originally due to mature in December 2020.

The new amortizing loan matures in December 2025 and is at LIBOR plus 1.70%. It’s fixed at 3.25% through December 2020, Vornado said.

Separately, Vornado said it had received $500 million from the redemption of its preferred equity in 640 Fifth Ave., a boutique retail property across from Rockefeller Center. The preferred equity was redeemed from the proceeds of a $500-million mortgage that was completed on the property, which Vornado redeveloped before signing Victoria’s Secret to a 64,000-square-foot flagship store in 2016.

The five-year loan, which is guaranteed by Vornado, is interest only at LIBOR plus 1.01%, which was swapped for four years to a fixed rate of 3.07%.

Pictured: 888 Seventh Ave.

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