The loan matures in February 2011 with two one-year extension options. After repaying the existing loan and closing costs, Vornado Realty realized net proceeds of approximately $193 million.
Tenants at the property, located at Sunrise Highway and Green Acres Road, include JC Penney, H&M, Men's Wearhouse, Modell's Sporting Goods, New York & Co., Old Navy, Macy's, Sears, Aeropostale, American Eagle, and Best Buy. Vornado sources were not able to respond to GlobeSt.com queries, including reasons for refinancing, plans for the money, and who the lender is.
Vornado has recently been in the news with a planned JV one-million-sf tower in the works above Port Authority Bus Terminal. That transaction is expected to generate approximately $500 million over the term of the lease.
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