Vornado Gets $580M Refinance from U.S. Bank for Manhattan Mall
Minneapolis-based U.S. Bank has provided a $580 million refinancing for Vornado Realty Trust’s massive Manhattan Mall at 100 West 33rd Street, Commercial Observer can exclusively report.
The lender was the lead administrative agent in the deal, with German banks Landesbank Baden-Württemberg and DekaBank serving as co-leads and syndication agents, according to U.S. Bank.
“We’re pleased to partner with a subsidiary of Vornado, a premier real estate firm with a demonstrated expertise across a wide range of asset classes and submarkets in New York City,” said Dave Heller, the senior vice president in commercial real estate for U.S. Bank, in prepared remarks.
The interest-only loan has a rate of Libor plus 1.65 percent, according to the real estate investment trust, and matures in July 2020. Vornado, the biggest landlord in the area surrounding Penn Station in Manhattan, will make a $242 million profit off of the refinancing.
Vornado last refinanced the 851,000-square-foot office and retail building in March 2012 for $325 million, as CO reported at the time. The REIT netted $87 million in the process. That loan was due to mature in March 2015, and had two one-year extensions.
Advertising giant FCB anchors the office portion of the building with 462,888 square feet, according to CoStar data. J.C. Penney anchors the 256,000 square feet of retail space with 150,000 square feet in the basement and lower lever.