{"id":1004161072,"date":"2016-12-07T06:10:34","date_gmt":"2016-12-07T14:10:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004161072"},"modified":"2020-05-18T11:50:21","modified_gmt":"2020-05-18T19:50:21","slug":"vornado-lands-400m-refi-for-350-park-avenue","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-lands-400m-refi-for-350-park-avenue\/","title":{"rendered":"Vornado Lands $400M Refi for 350 Park Ave."},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<div id=\"attachment_1004161073\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/350-Park-Avenue.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004161073\" data-attachment-id=\"1004161073\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vornado-lands-400m-refi-for-350-park-avenue\/350-park-avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/350-Park-Avenue.jpg\" data-orig-size=\"640,512\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"350 Park Avenue\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/350-Park-Avenue.jpg?w=640\" class=\"wp-image-1004161073 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/350-Park-Avenue.jpg\" alt=\"350 Park Ave.\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/350-Park-Avenue.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/350-Park-Avenue.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004161073\" class=\"wp-caption-text\">350 Park Ave., New York City<\/p><\/div>\n<p><strong>New York<\/strong>\u2014Vornado Realty Trust started the week in style with the closing of a major financing deal in the Big Apple. On Monday, the company announced it had completed a $400 million refinancing of 350 Park Ave.\u2014a 571,000-square-foot office high-rise in Manhattan.<\/p>\n<p>According to Vornado, the 10-year, interest-only loan matures in January 2027 and has a fixed rate of 3.92 percent. The company reportedly realized net proceeds of approximately $111 million, after repaying the existing $284 million loan and closing costs.<\/p>\n<p>The 30-story building located at 350 Park Ave. features 20,000 square feet of retail space, above-standard ceiling height, controlled access and 14 passenger elevators, among other amenities, according to data from <a href=\"https:\/\/www.yardimatrix.com\/\" rel=\"nofollow\" target=\"_blank\">Yardi Matrix<\/a>. The building also offers easy access to Fifth Avenue retail, public transportation and Grand Central Station, and aims to earn LEED certification from the USGBC.<\/p>\n<p>The mixed-use asset last traded back in 2006, when Vornado paid $541.5 million to acquire it from Fosterlane Management, according to Yardi Matrix. Major tenants currently include Citco, AT&amp;T, Pret A Manger, Valley National and Marshall Wace.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company realized net proceeds of $111 million upon closing.<\/p>\n","protected":false},"author":192,"featured_media":1004161073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747,21749],"tags":[33030,32785],"class_list":["post-1004161072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","category-retail","tag-vornado-realty-trust","tag-yardi-matrix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vornado Lands $400M Refi for 350 Park Ave. - 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-lands-400m-refi-for-350-park-avenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado Lands $400M Refi for 350 Park Ave.\" \/>\n<meta property=\"og:description\" content=\"The company realized net proceeds of $111 million upon closing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vornado-lands-400m-refi-for-350-park-avenue\/\" \/>\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=\"2016-12-07T14:10:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T19:50:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/350-Park-Avenue.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vornado-lands-400m-refi-for-350-park-avenue\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vornado-lands-400m-refi-for-350-park-avenue\/\",\"name\":\"Vornado Lands $400M Refi for 350 Park Ave. - 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