The interest-only loan has a rate of Libor plus 1.5%, accordingto information released by Vornado this week. It matures in March2011 with two one-year extension options. The source of the fundingwas not released.
The mall area subject to the loan totals approximately 950,000sf, with about 40% of that leased to anchors Century 21, WholeFoods and Target, according to a spokesman. Vornado also plans todevelop another 250,000 sf of retail on an adjacent 27.5 acres.
The funding comes as Nordstrom Rack, that chain's off-pricedivision, prepares to open a new 35,000-sf store in the mall. It'sthe company's first Nordstrom Rack in New Jersey.
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