Vornado Completes $425M Refinancing of Two Penn Plaza Realizing $139M of Net Proceeds

Vornado VNO announced today that it has completed a $425 million refinancing of Two Penn Plaza, a 1.6 million square foot Manhattan office building. The seven-year loan bears interest at LIBOR plus 2.00% which was swapped for the term of the loan to a fixed rate of 5.13%. The loan amortizes based on a 30-year schedule beginning in the fourth year. The Company realized net proceeds of approximately $139 million after repaying the existing loan on the property and closing costs.