The loan matures in February 2011 with two one-year extensionoptions. After repaying the existing loan and closing costs,Vornado Realty realized net proceeds of approximately $193million.
Tenants at the property, located at Sunrise Highway and GreenAcres Road, include JC Penney, H&M, Men's Wearhouse, Modell'sSporting Goods, New York & Co., Old Navy, Macy's, Sears,Aeropostale, American Eagle, and Best Buy. Vornado sources were notable to respond to GlobeSt.com queries, including reasons forrefinancing, plans for the money, and who the lender is.
Vornado has recently been in the news with a planned JVone-million-sftower in the works above Port Authority Bus Terminal. Thattransaction is expected to generate approximately $500 million overthe term of the lease.
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