Vornado Lands $120M Refi on Union Sq. Retail
Vornado Realty Trust has completed a $120-million refinancing of 4 Union Square South, a 206,000-square-foot Manhattan retail property. The interest-only loan carries a rate of Libor plus 1.40%–currently 3.47%—and matures in 2025, as extended.
The loan replaces the previous $113 million of indebtedness that bore interest at Libor plus 2.15%, and was scheduled to mature in 2019. Vornado did not identify the lender. Citing Department of Finance records, it was Wells Fargo, which also provided the previous loan on the property.
The REIT redeveloped 4 Union Square South from a single department store into multitenant vertical retail, completing the project in 2005. Major tenants include Whole Foods and Burlington Coat Factory, the latter occupying a flagship location of more than 90,000 square feet across three levels.
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