NEW YORK CITY – Vornado Realty Trust, a real estate investment trust headquartered in New York City, has completed an $800 million refinancing for its 20% stake in 650 Madison Ave. The 600,000 square foot Manhattan office and retail property bagged a ten-year interest-only loan with a fixed rate of 3.4% that matures in December 2029.

The loan replaces the previous $800 million loan that has a fixed rate of 4.4% and was set to come due in October 2020.

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