WASHINGTON, DC—Last week, Vornado Realty Trustgave the local market a hint at the proceeds it could realize fromits DC area holdings. The REIT announced it completed a $308million refinance of RiverHouse Apartments, athree-building, 1,670-unit complex. The loan was secured at aninterest-only LIBOR + 1.28% rate, maturing in 2025. And the netproceeds? $43 million.

To be sure, stacked up against Vornado's local portfolio, $43million does not seem especially significant. Certainly it isdownright puny when compared to another recent deal by Vornadohere: the final transfer of the redeveloped Springfield TownCenter to Pennsylvania Real Estate Investment Trustfor $465 million.

But both the refi and the Springfield Town Center deal take onadded importance in light of CEO Steve Roth's letter toshareholders released shortly after the refi, on Friday.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.