Vornado-controlled REIT refis Rego Park mall with $253M loan

Bank of China was the lender

New York /
Dec.December 28, 2018 06:00 PM

Steven Roth and 61-35 Junction Boulevard in Queens

Alexander’s, the department store chain-turned-REIT controlled by Vornado Realty Trust, secured a $253 million loan from Bank of China to refinance part of its giant Queens shopping center.

The new loan covers half of the Rego Center shopping complex and replaces a previous Bank of China loan for the same amount, according to property records filed with the city on Friday. The interest-only mortgage has an interest rate of LIBOR plus 1.35 percent, 0.5 percentage points lower than the previous rate. The previous debt was due to mature next month. Commercial Observer first reported news of the loan.

On top of the commercial base, 61-35 Junction Boulevard is also home to The Alexander at Rego Center, a 24-story, 314-unit rental tower Vornado completed in 2015.
The other half of the Rego Center, across the street at 96-05 Queens Boulevard, was refinanced in May with a $78.2 million loan, also from Bank of China.

Both halves are owned by Alexander’s, who used to own a large department store on the site. The mall is managed by Vornado spinoff Urban Edge Properties.

The shopping center, anchored by a Costco supermarket and home to a Regal Cinemas movie theater, is almost fully leased. CBRE handles leasing at the property.

The Alexander’s department store chain, which also owned a store at 731 Lexington Avenue among other locations, was forced into bankruptcy and converted into a REIT in 1993. The Alexander’s in Rego Park was closed that same year, and Rego Center opened in its place in 2010. [CO] — Kevin Sun


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Health insurer takes 70k sf for HQ in Vornado’s One Penn Plaza
Health insurer takes 70k sf for HQ in Vornado’s One Penn Plaza
Health insurer takes 70k sf for HQ in Vornado’s One Penn Plaza
Hudson Meridian Construction Group founder Bill Cote and a rendering of the Science Park Apartments planned at 201 Munson in New Haven (Hudson Meridian Construction Group)
Breakthrough for beleaguered New Haven project
Breakthrough for beleaguered New Haven project
From left: Scott Rechler and 5 Times Square; Marc Holliday, Stephen Ross and 280 Park Avenue (Getty Images, Eden, Janine and Jim from New York City - via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Swell of maturing debt pressures office owners
Swell of maturing debt pressures office owners
(photos by Joe Lovinger/The Real Deal)
Day 2 of ICSC: Retailers button up to network, prep for uncertain future
Day 2 of ICSC: Retailers button up to network, prep for uncertain future
Boston Properties' Hilary Spann and Eldridge CEO Todd Boehly in front of 767 Fifth Avenue (Boston Properties, Eldridge, Google Maps)
Firm ditches Park Ave for entire floor of GM Building
Firm ditches Park Ave for entire floor of GM Building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...