Alexander's Inc. closed on a $500 million refinancing of the office portion of its property at 731 Lexington Ave. in New York City.

The loan bears an interest rate equal to the London Interbank Offered Rate plus 0.90%, currently 1.95%, and is set to expire in June 2024, as extended.

Following the repayment of the existing $300 million mortgage and closing costs, the company realized net proceeds of roughly $188 million.