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Alexander’s Closes on $252M Refi of Queens Retail
Alexander’s Inc. has completed a $252.5-million refinancing of its 609,000-square-foot Rego Park II shopping center in the Rego Park section of Queens. The REIT did not disclose the lender.
The interest-only loan is at LIBOR plus 1.35%, currently 3.77%, and matures in December 2025. The proceeds of the new loan were used to repay the existing loan of the same amount, which bore interest at LIBOR plus 1.85% and was scheduled to mature in January 2019.
Alexander’s continues to hold a $195.7-million participation in the $252.5-million loan at LIBOR plus 1.35%. The participation in the previous loan earned interest at LIBOR plus 1.60%.
Rego Park II is one of seven Alexander’s properties in the greater New York City metropolitan area. Formerly a department store chain, Alexander’s emerged from bankruptcy as a REIT in 1993 and today is managed by Vornado Realty Trust, which owns 32.4% of its stock.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing

