Vornado Realty announces $167.5 million seven-year term loan

By Wendy Van Sickle

Columbus, Ohio, Jan. 29 – Vornado Realty Trust said its 45.1% owned joint venture has completed a $167.5 million refinancing of 61 Ninth Ave.

The seven-year interest-only term loan carries a rate of Libor plus 135 basis points, according to a news release issued on Tuesday.

The loan replaces a previous $90 million construction loan that bore interest of Libor plus 305 bps and was set to mature in January 2026.

Vornado is an equity real estate investment trust based in New York. The 61 Ninth Ave. property is a 170,000 square foot newly constructed office and retail property in the Meatpacking district of Manhattan, which is fully leased to Aetna and Starbucks.

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