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Vornado obtains $192M in repayment of loans on NYC property

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Vornado obtains $192M in repayment of loans on NYC property

Vornado Realty Trust pulled in $192 million out of the proceeds from the refinancing of the 618,000-square-foot office building at 85 Tenth Ave. in Manhattan, N.Y.

The entity that owns the building refinanced the property with a $625 million loan due in December 2026, with a weighted average interest rate of 4.55%.

The $192 million obtained by Vornado was in repayment of its mezzanine loans to the entity.

As a result of the loans' repayment, the company now owns a 49.9% stake in the entity, and it expects to realize a roughly $161 million financial-statement gain during the fourth quarter.