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NEW YORK CITY-Vornado Realty Trust is joining Developers Diversified Realty to become the second commercial real estate firm in line to get assistance from the Fed’s Term Asset-Backed Securities Loan Facility (TALF). The REIT intends to raise between $550 million and $600 million through a CMBS-backed bond sale, according to the Wall Street Journal, which cited people familiar with the deal.

The major owner of offices in the New York City and Washington, DC area and high-profile retail properties has about $440 million of debt maturing this year, $1.04 billion in 2010, $2.7 billion in 2011 and $3.2 billion in 2012, according to the Journal article, which wasn’t able to get confirmation from a Vornado spokesperson. The paper says that the company’s retail portfolio will be used as collateral in the offering.

Vornado, led by chairman Steven Roth and chief executive Michael Fascitelli, has a total debt leverage of 60%. Earlier this year, it raised $710 million in stock offerings. Click here to read the full Journal article.

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