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Vornado JV Refinance Meatpacking Offices for $161M
Vornado Realty Trust announced that its 45.1% owned joint venture completed a $161-million refinancing of 61 Ninth Ave., a 194,000-square-foot office and retail property in the Meatpacking District, which is fully leased to Aetna and Starbucks. The interest-only loan, which matures in March 2029 as fully extended, carries a rate of SOFR plus 3.00% for the first year, SOFR plus 3.35% for the second year and SOFR plus 3.85% for the remaining term.
The loan replaces the previous $155-million loan that bore interest at SOFR plus 2.45% and was scheduled to mature in November 2026. Earlier this year, Vornado entered into a seven-month extension on a $167.5-million loan the JV had secured in 2019. Simultaneously, it paid down the balance by $12.5 million.
Designed by Rafael Vinoly Architects, 61 Ninth Ave. is adjacent to Apple’s Meatpacking Flagship Store and across the street from the Chelsea Market and Google’s NY headquarters.
- ◦Financing
