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Vornado lands $500M to refi 330 Madison
Loan replaces $150M mortgage
Vornado Realty Trust [TRDataCustom] has scored a $500 million loan to refinance 330 Madison Avenue.
It’s not yet clear who provided the financing, which replaces a $150 million mortgage from German bank Landesbank Baden Wurttemberg, Real Estate Weekly reported. After paying off the existing loan, Vornado — which owns 25 percent of the 39-story tower — will net $85 million. The loan matures in August 2024 and has a fixed rate of 3.475 percent.
Last month, Vornado, through its affiliate Alexander’s Inc, also refinanced the Bloomberg Tower at 731 Lexington Avenue with a $500 million loan. The financing replaced a $300 million mortgage.
In April, commodities firm Glencore inked a 12-year lease for the entire seventh floor and a portion of the sixth floor — roughly 60,000 square feet — in the Midtown office tower. The building’s other tenants include Wells Fargo, HSBC and Jones Lang LaSalle. [REW] — Kathryn Brenzel