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Vornado Completes 10-Year Refi on 909 Third Ave.
Vornado Realty Trust completed a $350-million refinancing of 909 Third Ave., its 1.4 million-square-foot office tower between East54th and East 55th streets in Midtown Manhattan. The REIT didn’t disclose the lender or lenders.
The 10-year interest only loan bears a fixed rate of 3.23%. It replaces a previous seven-year, $350-million loan that bore interest at a fixed rate of 3.91% and was scheduled to mature in May.
The refi is Vornado’s second in as many months. In February, Vornado and its joint venture partner, the Canada Pension Plan Investment Board, completed a $525-million refinancing of One Park Ave., a 943,000-square-foot office tower that’s also located in Midtown East.
