PARAMUS, NJ-Vornado Realty Trust has completed a $300 million financing of the Outlets at Bergen Town Center, obtaining a 10-year interest-only loan at 3.56% to replace a $282 million floating-rate loan.
Vornado, which rarely provides details on its activities to media, did not immediately reply to an inquiry from GlobeSt.com concerning the lender for the transaction. Vornado’s chief financial officer Joseph Macnow announced the new loan in a brief press statement.
The REIT acquired the 948,000-square-foot shopping center on Route 4 East in Paramus almost ten years ago. It has expanded and re-tenanted the property over the last decade. The Outlets at Bergen Town Center was known as Bergen Mall until 2006, and as Bergen Town Center until 2010.
It was established in 1957 as an outdoor shopping center, and is the second-oldest mall in New Jersey. The mall was enclosed in 1973. Located at the junction of Route 4 and Forest Avenue, it includes a separate shopping strip south of Route 4 that is accessible to the rest of the property via a pedestrian bridge.
The opening of the outlet center Century 21 in 2006 was one of the first changes to the mall under Vornado’s ownership.