Tuesday, January 3, 2012

Vornado Refinances Eleven Penn Plaza in Manhattan for $330 Million Realizing $126 Million of Net Proceeds



PARAMUS, N.J.--(BUSINESS WIRE)--VORNADO REALTY TRUST (NYSE:VNO) announced that on December 28, 2011 it completed a $330 million refinancing of Eleven Penn Plaza (top left photo), a 1.1 million square foot Manhattan office building.

 The seven-year loan bears interest at LIBOR plus 2.35%, today 2.64%. The loan amortizes based on a 30 year schedule beginning in the fourth year.

The Company realized net proceeds of approximately $126 million after repaying the existing loan on the property and closing costs.

Vornado Realty Trust is a fully integrated equity real estate investment trust.


Contact
Vornado Realty Trust
Joseph Macnow, 201-587-1000
  

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