Vornado Completes $660M CMBS Issue

NEW YORK CITY-The 10-year mortgage notes are cross-collateralized by 40 strip shopping centers located mainly in the New York metro area.

By Paul Bubny | Updated on August 13, 2010

NEW YORK CITY-Vornado Realty Trust said late Thursday afternoon that a subsidiary had sold $660 million of 10-year mortgage notes in a single-issuer securitization. The six notes are comprised of a $600-million fixed-rate component and a $60-million variable-rate component, and are cross-collateralized by 40 strip shopping centers located mainly in the New York metro area.

The office and retail REIT says the $600-million fixed-rate portion bears interest at the initial rate of 4.17% and a weighted average rate of 4.31% over the 10-year term and amortizes based on a 30-year schedule. The variable-rate debt bears interest at Libor plus 1.35% with a 1% floor, for an initial rate of 2.35%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

A New Source for Net Lease Construction Financing Enters the Market

Erik Sherman | December 05, 2023

The JV launches at a time when capital is scarce.

NYC Pilot Program Pays Homeowners to Build Granny Flats

Jack Rogers | November 28, 2023

Owners of single-family homes eligible for up to $400K each.

Middle Market Digest: This Week in the South and Mountain Regions

Lisa Brown | August 10, 2018

Here’s a look at the trends, announcements and deals you may have missed in Texas, New Mexico, Colorado, Oklahoma and Arkansas.

Resource Center

HVAC use accounts for 50% of the total energy consumption of your commercial office buildings. Why wouldn’t you optimize its efficiency? Download this white paper and learn how you can slash costs, enhance tenant satisfaction, and boost sustainability.

Report

Sponsored by Building Engines

The ROI of HVAC Optimization in Commercial Office Buildings

HVAC use accounts for 50% of the total energy consumption of your commercial office buildings. Why wouldn’t you optimize its efficiency? Download this white paper and learn how you can slash costs, enhance tenant satisfaction, and boost sustainability.

Browse More Resources ›

This white paper delves into the alarming surge in renter fraud within the multifamily housing sector. Discover the various drivers behind these trends and how you can stay ahead of the evolving fraud landscape.

White Paper

Sponsored by TheGuarantors

Addressing the Surge of Renter Fraud in Multifamily Housing

This white paper delves into the alarming surge in renter fraud within the multifamily housing sector. Discover the various drivers behind these trends and how you can stay ahead of the evolving fraud landscape.

Browse More Resources ›

What are your goals as an asset or property manager? This interactive tour walks you through customizing your own platform to help meet your goals such as maximizing revenue, optimizing operations, adding value to your properties, and attracting the right tenants.

Interactive Resource Center

Sponsored by Building Engines

How Prism helps CRE Managers Exceed Goals

What are your goals as an asset or property manager? This interactive tour walks you through customizing your own platform to help meet your goals such as maximizing revenue, optimizing operations, adding value to your properties, and attracting the right tenants.

Browse More Resources ›

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2023 ALM Global, LLC. All Rights Reserved.