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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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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