Vornado Realty (VNO) refinances $800 million mortgage loan.
Vornado Realty Trust (VNO) announced today that it has refinanced the $800 million mortgage loan on 650 Madison Avenue. The new mortgage carries an interest rate of 3.49% and is interest-only through maturity in December 2020. The prior financing carried a fixed rate of 4.39% and was scheduled to mature in October 2020. Vornado has a 20.1% interest in the 650 Madison property.
Vornado is a large-cap equity REIT with a focus on New York City Class-A office buildings and street retail properties. VNO has a total market capitalization of approximately $22 billion and is a member of the S&P 500.