{"id":1004087753,"date":"2013-12-03T07:04:20","date_gmt":"2013-12-03T15:04:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004087753"},"modified":"2022-12-08T09:50:52","modified_gmt":"2022-12-08T17:50:52","slug":"vornado-refinances-nycs-11-penn-plaza-for-450m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-refinances-nycs-11-penn-plaza-for-450m\/","title":{"rendered":"Vornado Refinances NYC\u2019s 11 Penn Plaza for $450M"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/PENN-Plaza.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004087755\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vornado-refinances-nycs-11-penn-plaza-for-450m\/penn-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/PENN-Plaza.jpg\" data-orig-size=\"467,800\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"PENN Plaza\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/PENN-Plaza.jpg?w=467\" class=\"alignleft size-medium wp-image-1004087755\" alt=\"PENN Plaza\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/PENN-Plaza.jpg\" width=\"175\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/PENN-Plaza.jpg 467w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/PENN-Plaza.jpg?resize=175,300 175w\" sizes=\"auto, (max-width: 175px) 100vw, 175px\" \/><\/a>Vornado Realty Trust, of Paramus, N.J., has completed a $450 million refinancing of Eleven Penn Plaza, a 23-story, 1.1 million-square-foot Manhattan office building, the REIT announced Monday.<\/p>\n<p>Vornado realized net proceeds of about $107 million after repayment of the existing loan on the property and closing costs. The new seven-year loan is interest-only at 3.95 percent.<\/p>\n<p>Further information on the transaction was not available at press time.<\/p>\n<p>Eleven Penn Plaza was built in 1923 and underwent a lobby renovation in 1982. It is reported to be fully occupied at present.<\/p>\n<p>Major office tenants in the building include AMC Networks, Fuse Network, Macy\u2019s, Madison Square Garden and Rainbow Holdings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vornado Realty Trust  has completed a $450 million refinancing of Eleven Penn Plaza, a 23-story, 1.1 million-square-foot Manhattan office building.<\/p>\n","protected":false},"author":882,"featured_media":1004087755,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,1600,21742,10,21747],"tags":[],"class_list":["post-1004087753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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