Vornado Realty Trust has undertaken a $120 million refinancing of a Union Square retail property, GlobeSt reported.
The real estate investment trust obtained a seven-year loan on 4 Union Square South, at 40 East 14th Street, netting $42 million. The 206,000-square-foot property is fully occupied, and tenants include shoe retailer DSW, clothing company Forever21 and Whole Foods Market.
Vornado did not disclose the lender. The REIT had already refinanced the property for $75 million in April 2009, GlobeSt said, citing the public regulatory filings.
The move comes on the heels of Vornado’s $950 million refinancing of its 2.1 million-square-foot Midtown office tower at 1290 Sixth Avenue, disclosed earlier this month. [GlobeSt]—Leigh Kamping-Carder