New York & Tri-State + Midtown New York + Finance | July 6, 2022

Vornado Completes Quartet of Refis for $3.2B

Vornado Realty Trust said it recently completed four refinancings totaling $3.2 billion. These included an extension on an unsecured revolving credit facility, a maturity-date extension on a term loan and refis on two Manhattan office properties.

In the largest transaction, Vornado Realty L.P. extended the maturity on one of two $1.25-billion credit facilities from March 2024 to December 2027. The REIT similarly extended the maturity date of its $800-million unsecured term loan to December 2027 from the original February 2024.

Vornado has also completed a $700-million refinancing of 770 Broadway, its 1.2-million-square-foot office property in Midtown South. The interest-only loan matures in July 2027. Earlier in June, Vornado completed a $480-million refi on 100 W. 33rd St., replacing a $580-million loan due to mature in April 2024.

Separately, Vornado said it closed on the $172.8-million sale of the Center Building, a 498,000-square-foot office building in Long Island City.

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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 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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