Vornado Completes $450 Million Refinancing of PENN 11
Vornado AG真人官方ty Trust (NYSE:VNO) has successfully completed a $450 million refinancing of PENN 11, a 1.2 million square foot Manhattan office building in THE PENN DISTRICT. The new five-year interest-only loan will mature in August 2030 with a fixed rate of 6.35%.
The company paid down $50 million of the previous $500 million loan, which had an interest rate of SOFR plus 2.06% (swapped to a fixed rate of 6.28%) and was set to mature in October 2025.
Vornado AG真人官方ty Trust (NYSE:VNO) ha completato con successo un rifinanziamento da 450 milioni di dollari per PENN 11, un edificio per uffici di 1,2 milioni di piedi quadrati situato nel PENN DISTRICT di Manhattan. Il nuovo prestito quinquennale a sola quota interessi scadr脿 ad agosto 2030 con un tasso fisso del 6,35%.
L'azienda ha rimborsato 50 milioni di dollari del precedente prestito da 500 milioni di dollari, che prevedeva un tasso di interesse pari a SOFR pi霉 2,06% (convertito in un tasso fisso del 6,28%) e scadeva a ottobre 2025.
Vornado AG真人官方ty Trust (NYSE:VNO) ha completado con 茅xito un refinanciamiento de 450 millones de d贸lares para PENN 11, un edificio de oficinas de 1,2 millones de pies cuadrados en el DISTRITO PENN de Manhattan. El nuevo pr茅stamo a cinco a帽os solo con intereses vencer谩 en agosto de 2030 con una tasa fija del 6,35%.
La compa帽铆a pag贸 50 millones de d贸lares del pr茅stamo anterior de 500 millones de d贸lares, que ten铆a una tasa de inter茅s de SOFR m谩s 2,06% (convertida a una tasa fija del 6,28%) y venc铆a en octubre de 2025.
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Vornado AG真人官方ty Trust (NYSE:VNO) a r茅ussi 脿 finaliser un refinancement de 450 millions de dollars pour PENN 11, un immeuble de bureaux de 1,2 million de pieds carr茅s situ茅 dans le PENN DISTRICT 脿 Manhattan. Le nouveau pr锚t 脿 int茅r锚t uniquement sur cinq ans arrivera 脿 茅ch茅ance en ao没t 2030 avec un taux fixe de 6,35%.
La soci茅t茅 a rembours茅 50 millions de dollars du pr锚t pr茅c茅dent de 500 millions de dollars, qui avait un taux d'int茅r锚t de SOFR plus 2,06% (茅chang茅 contre un taux fixe de 6,28%) et devait arriver 脿 茅ch茅ance en octobre 2025.
Vornado AG真人官方ty Trust (NYSE:VNO) hat erfolgreich eine 450 Millionen Dollar Refinanzierung f眉r PENN 11 abgeschlossen, ein 1,2 Millionen Quadratfu脽 gro脽es B眉rogeb盲ude im PENN DISTRICT in Manhattan. Der neue f眉nfj盲hrige Zins-Only-Kredit l盲uft bis August 2030 und hat einen festen Zinssatz von 6,35%.
Das Unternehmen hat 50 Millionen Dollar des vorherigen 500-Millionen-Dollar-Darlehens getilgt, das einen Zinssatz von SOFR plus 2,06% (auf einen festen Zinssatz von 6,28% geswapt) hatte und im Oktober 2025 f盲llig gewesen w盲re.
- Successful refinancing of $450 million secured for PENN 11 property
- Extended debt maturity from 2025 to 2030, improving financial stability
- Reduced total debt by $50 million through loan paydown
- New loan carries slightly higher fixed interest rate of 6.35% compared to previous 6.28%
Insights
Vornado's $450M refinancing extends debt maturity to 2030 while maintaining similar interest rate despite challenging commercial real estate market.
Vornado has successfully completed a
The transaction demonstrates Vornado's ability to secure long-term financing in what has been a challenging commercial real estate market, particularly for office properties. By reducing the principal by
The five-year interest-only structure also preserves cash flow during the term, as no principal payments will be required until maturity. This financing structure for a 1.2 million square foot Manhattan office building in THE PENN DISTRICT suggests lenders maintain confidence in this specific asset despite broader market concerns about office valuations. The marginal increase in interest rate (
NEW YORK, July 16, 2025 (GLOBE NEWSWIRE) -- Vornado AG真人官方ty Trust (NYSE:VNO) announced today that it has completed a
Vornado paid down by
Vornado AG真人官方ty Trust is a fully-integrated equity real estate investment trust.
CONTACT
Thomas J. Sanelli
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Certain statements contained herein may constitute 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see 鈥淩isk Factors鈥� in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.
FAQ
What are the terms of Vornado's (NYSE:VNO) new PENN 11 refinancing?
How much did Vornado (VNO) reduce its debt in the PENN 11 refinancing?
What is the interest rate difference between Vornado's new and old PENN 11 loans?
When does Vornado's (VNO) new PENN 11 loan mature?
What is the size of Vornado's PENN 11 property?
