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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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