New York-based Vornado Realty Trust recently secured a $500 million loan to refinance a property on Madison Avenue in Midtown Manhattan.
Wells Fargo Commercial Mortgage Securities issued this loan. As a result of this refinancing, Vornado will have 25% ownership of the property. The loan matures in 2024, lasting for seven years at the fixed interest rate of 3.475%. This refinancing replaces a $300 million mortgage.
This 40-story office building on 330 Madison Avenue covers 845,500 square feet and was renovated just six years ago. Retailers on the ground floor includes Starbucks, Ann Taylor, and Citibank. Some of its office tenants are Guggenheim Partners, HSBC, Jones Lang LaSalle, American Industrial Partners, and Glencore.
This asset is the fourth property that Vornado refinanced this year in Manhattan. Vornado Realty Trust focuses on office assets primarily in the New York metro area. The REIT has an expansive portfolio that includes over 20 million square feet of office space, so this recent addition makes its portfolio even more impressive.