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Vornado Refis 1535 Broadway Retail for $450M
Vornado Realty Trust said its 52% owned street retail joint venture has completed a $450-million financing of 1535 Broadway, a Times Square retail destination with full blockfront 4K LED signage. The interest only, non–recourse CMBS loan carries a fixed rate of 6.90% and matures in May 2030.
Spanning about 107,000 square feet with a six-story LED billboard, the retail portion of 1535 Broadway is part of a portfolio of Upper Fifth Avenue and Times Square retail that Vornado co-owns with Crown Acquisitions in a JV established in April 2019. Not included in the portfolio is the 1,971-key Marriott Marquis hotel on the upper floors of the property.
After transaction costs and reserves, $407 million of the net proceeds from the 1535 Broadway financing were used to partially redeem Vornado’s Retail JV preferred equity. Goldman Sachs, Bank of America and Bank of Montreal were among the lenders, according to rating agencies.
- ◦Financing

