{"id":1004179180,"date":"2017-06-05T06:13:29","date_gmt":"2017-06-05T14:13:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004179180"},"modified":"2022-12-08T11:20:49","modified_gmt":"2022-12-08T19:20:49","slug":"alexanders-cashes-out-nearly-200m-in-manhattan-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/alexanders-cashes-out-nearly-200m-in-manhattan-refi\/","title":{"rendered":"Alexander\u2019s Cashes Out Nearly $200M in Manhattan Refi"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<div id=\"attachment_1004179181\" style=\"width: 382px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/731-Lexington-Ave.-New-York.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004179181\" data-attachment-id=\"1004179181\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/alexanders-cashes-out-nearly-200m-in-manhattan-refi\/731-lexington-ave-new-york\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/731-Lexington-Ave.-New-York.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" 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;1&quot;}\" data-image-title=\"731 Lexington Ave., New York\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;731 Lexington Ave., New York&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/731-Lexington-Ave.-New-York.jpg?w=800\" class=\"wp-image-1004179181 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/731-Lexington-Ave.-New-York.jpg\" alt=\"731 Lexington Ave., New York\" width=\"372\" height=\"289\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/731-Lexington-Ave.-New-York.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/731-Lexington-Ave.-New-York.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/731-Lexington-Ave.-New-York.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 372px) 100vw, 372px\" \/><\/a><p id=\"caption-attachment-1004179181\" class=\"wp-caption-text\">731 Lexington Ave., New York<\/p><\/div>\n<p>Alexander\u2019s Inc., a Vornado Realty Trust affiliate, completed a $500 million <a href=\"https:\/\/www.commercialsearch.com\/news\/vornado-lands-400m-refi-for-350-park-avenue\/\">refinancing of the office<\/a> portion of 731 Lexington Ave. in Manhattan.\u00a0<\/p>\n<p>The interest-only loan is at LIBOR plus 0.9 percent (currently 1.95 percent) and matures in June 2024, as extended. The Paramus, N.J.\u2013based REIT realized net proceeds of about $188 million after repaying the existing $300 million mortgage and closing costs.\u00a0<\/p>\n<p>The existing mortgage bore interest at LIBOR plus 0.95 percent and was to mature in March 2017, with four one-year extension options available. The proceeds from a March 2014 refinancing were used to repay a previous $312 million, 5.3 percent fixed-rate loan, along with closing costs.<\/p>\n<p>The 55-story, LEED Silver, Class A building was completed in 2004 and also offers 160,000 square feet of retail and 260,000 square feet of residential space. Bloomberg Tradebook and Citibank are two of the major office tenants, according to\u00a0Yardi Matrix.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The office portion of 731 Lexington Ave. in Manhattan received $500 million in refinancing, which matures in June of 2024. <\/p>\n","protected":false},"author":882,"featured_media":1004179181,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[33030],"class_list":["post-1004179180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-vornado-realty-trust"],"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>Alexander\u2019s Cashes Out Nearly $200M in Manhattan 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\/alexanders-cashes-out-nearly-200m-in-manhattan-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alexander\u2019s Cashes Out Nearly $200M in Manhattan Refi\" \/>\n<meta property=\"og:description\" content=\"The office portion of 731 Lexington Ave. in Manhattan received $500 million in refinancing, which matures in June of 2024.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/alexanders-cashes-out-nearly-200m-in-manhattan-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=\"2017-06-05T14:13:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:20:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/731-Lexington-Ave.-New-York.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\/alexanders-cashes-out-nearly-200m-in-manhattan-refi\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/alexanders-cashes-out-nearly-200m-in-manhattan-refi\/\",\"name\":\"Alexander\u2019s Cashes Out Nearly $200M in Manhattan Refi - 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