Vornado obtains $950M refinancing for Avenue of the Americas office tower

Vornado Realty Trust obtained a $950 million loan to refinance the 1290 Avenue of the Americas office tower in Manhattan, N.Y., Bloomberg News reported, citing a report from Kroll Bond Rating Agency.

JPMorgan Chase & Co. leads the loan package that also includes Citigroup Inc., Goldman Sachs Group Inc. and Bank of Montreal as arrangers. The loan is interest-only and will not deleverage over its 10-year term because of the absence of amortization, according to the report.

The office landlord co-owns the property with former President Donald Trump, who has a 30% stake in it. The 43-story building was 98% leased to 25 tenants as of November, according to Kroll.