Vornado Secures $500M CMBS Refi for 330 Madison Ave

Vornado Realty Trust secured a $500-million loan to refinance 330 Madison Avenue, an 845,000-square-foot office building in New York. The REIT, which holds a 25% stake in the Manhattan property in a joint venture with ADIA subsidiary Chadison, secured the private CMBS debt financing from Wells Fargo Commercial Mortgage Securities, according to SEC filings.

The seven-year interest only loan matures in August 2024, and has a fixed rate of 3.475%. Vornado’s share of the net proceeds, after repayment of the existing $150-million loan and closing costs, was roughly $85 million.

The 40-story, 1963-era building, between 42nd and 43rd Streets, underwent a $120-million renovation in 2014. Since then, Vornado has executed more 600,000 square feet of new and renewal leases, bringing the office to 96.5% occupied.

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Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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Vornado Secures $500M CMBS Refi for 330 Madison Ave

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Vornado Secures $500M CMBS Refi for 330 Madison Ave

Inside The Story

About Dennis Kaiser