{"id":1004035494,"date":"2012-01-04T06:35:41","date_gmt":"2012-01-04T14:35:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004035494"},"modified":"2022-12-07T03:25:54","modified_gmt":"2022-12-07T11:25:54","slug":"vornado-nets-126m-in-11-penn-plaza-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-nets-126m-in-11-penn-plaza-refi\/","title":{"rendered":"Vornado Nets $126M in 11 Penn Plaza Refi"},"content":{"rendered":"

January 4, 2012<\/strong>
\nBy Dees Stribling, Contributing Editor<\/em>
\n\"\"<\/a><\/p>\n

Vornado Realty Trust rang out the old year by completing a $330 million refinance for 11 Penn Plaza, a 1.1-million square-foot office building in Manhattan. The REIT, which specializes in office properties, realized proceeds of about $126 million from the deal after repaying the existing loan and associated closing costs.<\/p>\n

The seven-year loan bears interest at Libor plus 2.35 percent, which on Jan. 3 was 2.64 percent. The loan amortizes based on a 30-year schedule beginning in the fourth year.<\/p>\n

The 23-story structure dates from 1923, with renovation work done in 1982. Major office tenants include AMC Networks, Macy’s, Rainbow Holdings and Madison Square Garden. It is one of a cluster of properties that Vornado owns in the area; others include One and Two Penn Plaza, 100 W. 33rd St. and 330 W. 34th St.<\/p>\n

Vornado, like many other debt-holders, has been taking advantage of the persistent low-interest climate and the fact that lenders are keen on Manhattan properties once more to refinance to its benefit. In December, the company set up a joint venture with the Kushner Cos., the owner of 666 Fifth Ave., which allowed for the conversion of an existing $1.2 billion mortgage into a $1.1 billion A-note coupled with a $115 million B-note.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vornado Realty Trust rang out the old year by completing a $330 million refinance for 11 Penn Plaza, a 1.1-million square-foot office building in Manhattan. <\/p>\n","protected":false},"author":1201,"featured_media":1004038426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,21825,37775,21742,10,21747,37776,37777,37778],"tags":[],"class_list":["post-1004035494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-dividend-yield","category-finance","category-rc-forward-affo-payout-ratios","category-latest","category-northeast","category-office","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-rc-total-return"],"acf":[],"yoast_head":"\nVornado Nets $126M in 11 Penn Plaza Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vornado-nets-126m-in-11-penn-plaza-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado Nets $126M in 11 Penn Plaza Refi\" \/>\n<meta property=\"og:description\" content=\"Vornado Realty Trust rang out the old year by completing a $330 million refinance for 11 Penn Plaza, a 1.1-million square-foot office building in Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vornado-nets-126m-in-11-penn-plaza-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-01-04T14:35:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T11:25:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/01\/010412-11-Penn-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"292\" \/>\n\t<meta property=\"og:image:height\" content=\"391\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-nets-126m-in-11-penn-plaza-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-nets-126m-in-11-penn-plaza-refi\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Vornado Nets $126M in 11 Penn Plaza Refi\",\"datePublished\":\"2012-01-04T14:35:41+00:00\",\"dateModified\":\"2022-12-07T11:25:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-nets-126m-in-11-penn-plaza-refi\\\/\"},\"wordCount\":207,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-nets-126m-in-11-penn-plaza-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/01\\\/010412-11-Penn-Plaza.jpg\",\"articleSection\":[\"Dividend Yield\",\"Finance\",\"Forward AFFO Payout Ratios\",\"News\",\"Northeast\",\"Office\",\"Premium\\\/Discount to NAV\",\"Price\\\/LTM FFO\",\"Total Return\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-nets-126m-in-11-penn-plaza-refi\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-nets-126m-in-11-penn-plaza-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-nets-126m-in-11-penn-plaza-refi\\\/\",\"name\":\"Vornado Nets $126M in 11 Penn Plaza Refi - 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