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Vornado Realty Trust has finalized a refi of One Park Ave., a 943,000-square foot Manhattan office building of which it owns 55%. The $525 million interest-only CMBS loan carries a rate of LIBOR plus 1.107% and matures in February 2026. The loan replaces the previous $300 million loan that bore interest at LIBOR plus 1.75% and was scheduled to mature in March 2021. Vornado’s share of the net proceeds was approximately $105 million.

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.

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