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NEW YORK CITY – Vornado Realty Trust, a real estate investmenttrust headquartered in New York City, has completed an $800 millionrefinancing for its 20% stake in 650 Madison Ave. The 600,000square foot Manhattan office and retail property bagged a ten-yearinterest-only loan with a fixed rate of 3.4% that matures inDecember 2029.
The loan replaces the previous $800 million loan that has afixed rate of 4.4% and was set to come due in October 2020.
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