Vornado Realty Defaults on Loan

According to a personal familiar with the matter, Vornado Realty Trust VNO has defaulted on a roughly $18 million mortgage loan on San Francisco landmark Cannery at Del Monte Square. The New Jersey based company led a group that in 2007 paid $33.5 million for the 103-year old property, which was once the largest peach cannery in the world. San Francisco’s Martin family converted the property into retail and office space in the 1960s. Vornado owns a 95% stake in the 1.25 acre waterfront property. According to a person familiar with the situation, “It was a calculated move. Vornado wants to keep the property.” Apparently they have defaulted on the loan as a strategy to restructure the debt.
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Posted In: NewsRumorsAfter-Hours CenterPress ReleasesCannery at Del Monte SquareFinancialsReal Estate Management & Developmentsan francisco
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