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New York & Tri-State  + Midtown New York  + Finance  | 

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.

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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 16-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 7-10 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).

  • ◦Financing
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