{"id":1004485477,"date":"2020-10-19T02:46:32","date_gmt":"2020-10-19T10:46:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004485477"},"modified":"2021-05-10T02:05:00","modified_gmt":"2021-05-10T10:05:00","slug":"vornado-secures-500m-refi-for-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-secures-500m-refi-for-manhattan-tower\/","title":{"rendered":"Vornado Secures $500M Refi for Manhattan Tower"},"content":{"rendered":"<div id=\"attachment_1004485483\" style=\"width: 250px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/PENN11.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004485483\" data-attachment-id=\"1004485483\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vornado-secures-500m-refi-for-manhattan-tower\/penn11\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/PENN11.jpg\" data-orig-size=\"1000,1250\" 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=\"PENN11\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;PENN11&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/PENN11.jpg?w=819\" class=\"wp-image-1004485483 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/PENN11.jpg\" alt=\"\" width=\"240\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/PENN11.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/PENN11.jpg?resize=240,300 240w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/PENN11.jpg?resize=768,960 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/PENN11.jpg?resize=819,1024 819w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><\/a><p id=\"caption-attachment-1004485483\" class=\"wp-caption-text\">PENN11<\/p><\/div>\n<p>Vornado Realty Trust has received a $500 million refinancing package for the 1.2 million-square-foot PENN11 in Midtown Manhattan. The interest-only mortgage carries a LIBOR&nbsp;rate of plus 2.75 percent and a maturity date set for October 2025.<\/p>\n<p>The loan retires a previous $450 million financing scheduled to mature at the end of 2020. Yardi Matrix data shows that AXA Equitable Life Insurance Co.\u2014operating as The Equitable Life Assurance Society of the U.S. at the time\u2014provided the mortgage in 2013&nbsp;with a 3.95 percent interest rate.<\/p>\n<p>Located at 393 Seventh Ave. between 31st and 32nd streets, the 26-story tower is adjacent to Penn Station and Madison Square Garden and is two blocks from the Empire State Building. Completed in 1923, the LEED Gold-certified building underwent lobby and facade restorations on the Seventh Avenue. The tower, formally known as 11 Penn Plaza, is home to tenants including Macy\u2019s, PNC Bank and Starbucks.<\/p>\n<p>In early August,&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/facebook-inks-730-ksf-office-lease-in-manhattan\/\">Facebook signed a 730,000-square-foot lease<\/a> at Vornado Realty Trust\u2019s Farley Building, also in Midtown. The adaptive reuse project next to Penn Station is a redevelopment of the historic post office into a mixed-use complex.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The financing package for PENN11 in Midtown retires a $450 million loan originated in 2013. <\/p>\n","protected":false},"author":748,"featured_media":1004485489,"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":[32779,33030],"class_list":["post-1004485477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-leed","tag-vornado-realty-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Vornado Secures $500M Refi for Manhattan Tower - 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-secures-500m-refi-for-manhattan-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado Secures $500M Refi for Manhattan Tower\" \/>\n<meta property=\"og:description\" content=\"The financing package for PENN11 in Midtown retires a $450 million loan originated in 2013.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vornado-secures-500m-refi-for-manhattan-tower\/\" \/>\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=\"2020-10-19T10:46:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-10T10:05:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/PENN11--e1603102052231.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lucia Morosanu\" \/>\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-secures-500m-refi-for-manhattan-tower\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-secures-500m-refi-for-manhattan-tower\\\/\"},\"author\":{\"name\":\"Lucia Morosanu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1077c2cf363c47bc75d1ab4c42b53bb5\"},\"headline\":\"Vornado Secures $500M Refi for Manhattan Tower\",\"datePublished\":\"2020-10-19T10:46:32+00:00\",\"dateModified\":\"2021-05-10T10:05:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-secures-500m-refi-for-manhattan-tower\\\/\"},\"wordCount\":201,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-secures-500m-refi-for-manhattan-tower\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/10\\\/PENN11--e1603102052231.jpg\",\"keywords\":[\"LEED\",\"Vornado Realty Trust\"],\"articleSection\":[\"Finance\",\"New York\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-secures-500m-refi-for-manhattan-tower\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vornado-secures-500m-refi-for-manhattan-tower\\\/\",\"name\":\"Vornado Secures $500M Refi for Manhattan Tower - 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