Vornado Realty Trust has completed a $350 million refinancing of 909 Third Avenue, a 1.4 million square foot Manhattan office building.
Citigroup, Bank of America and BMO Harris Bank fund the interest only loan bearing a fixed rate of 3.23 percent and maturing in April 2031.
The loan replaces the previous $350 million loan from Ladder Capital that bore interest at a fixed rate of 3.91 percent and was scheduled to mature in May 2021.
909 Third Avenue is a 32-story, 1.3 million s/f Class A LEED Gold-certified office building located in the Plaza District submarket in Midtown.
The property has a concentration of investment-grade tenants, including the largest three tenants, who collectively occupy 66.4 percent of the net rentable area. The largest tenant is the United States Postal Service