Loan & DebtMay 12, 2026, 04:37 PM
Vornado JV Refinances 61 Ninth Ave with $161M Loan
AI Summary
Vornado Realty Trust's 45.1% owned joint venture completed a $161 million refinancing for its 61 Ninth Avenue property in Manhattan. The new interest-only loan matures in March 2029 and carries a floating rate starting at SOFR plus 3.00% for the first year. This new financing replaces a previous $155 million loan that bore interest at SOFR plus 2.45% and was scheduled to mature in November 2026.
Key Highlights
- Vornado's JV refinanced 61 Ninth Avenue with a $161 million loan.
- The new interest-only loan matures in March 2029, as fully extended.
- Initial interest rate is SOFR plus 3.00% for the first year.
- The loan rate increases to SOFR plus 3.35% for the second year.
- The rate for the remainder of the term is SOFR plus 3.85%.
- It replaces a previous $155 million loan that matured in November 2026.
- Vornado Realty Trust owns 45.1% of the joint venture.
- The property is a 194,000 sq ft office and retail space, fully leased.
Price Impact
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