Vornado Completes $450 Million Refinancing of PENN 11
Vornado Realty 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 Realty 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 scadrà 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 più 2,06% (convertito in un tasso fisso del 6,28%) e scadeva a ottobre 2025.
Vornado Realty Trust (NYSE:VNO) ha completado con éxito un refinanciamiento de 450 millones de dólares para PENN 11, un edificio de oficinas de 1,2 millones de pies cuadrados en el DISTRITO PENN de Manhattan. El nuevo préstamo a cinco años solo con intereses vencerá en agosto de 2030 con una tasa fija del 6,35%.
La compañía pagó 50 millones de dólares del préstamo anterior de 500 millones de dólares, que tenía una tasa de interés de SOFR más 2,06% (convertida a una tasa fija del 6,28%) y vencía en octubre de 2025.
Vornado Realty Trust (NYSE:VNO)는 맨해튼 펜 구역에 위치한 120만 평방피트 규모의 사무용 빌딩 PENN 11에 대해 4억 5천만 달러 규모의 재융자를 성공적으로 완료했습니다. 새로운 5년 만기 이자만 납부하는 대출은 2030년 8월에 만기되며, 고정 이자율은 6.35%입니다.
회사는 이전 5억 달러 대출 중 5천만 달러를 상환했으며, 해당 대출은 SOFR에 2.06%를 더한 금리(고정 금리 6.28%로 스왑됨)를 적용받았고 2025년 10월에 만기 예정이었습니다.
Vornado Realty Trust (NYSE:VNO) a réussi à finaliser un refinancement de 450 millions de dollars pour PENN 11, un immeuble de bureaux de 1,2 million de pieds carrés situé dans le PENN DISTRICT à Manhattan. Le nouveau prêt à intérêt uniquement sur cinq ans arrivera à échéance en août 2030 avec un taux fixe de 6,35%.
La société a remboursé 50 millions de dollars du prêt précédent de 500 millions de dollars, qui avait un taux d'intérêt de SOFR plus 2,06% (échangé contre un taux fixe de 6,28%) et devait arriver à échéance en octobre 2025.
Vornado Realty Trust (NYSE:VNO) hat erfolgreich eine 450 Millionen Dollar Refinanzierung für PENN 11 abgeschlossen, ein 1,2 Millionen Quadratfuß großes Bürogebäude im PENN DISTRICT in Manhattan. Der neue fünfjährige Zins-Only-Kredit läuft 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 fällig gewesen wäre.
- 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 Realty Trust (NYSE:VNO) announced today that it has completed a
Vornado paid down by
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
CONTACT
Thomas J. Sanelli
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Certain statements contained herein may constitute “forward-looking statements” 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 “Risk Factors” 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?
