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Vornado Realty refinances Manhattan, NY, retail property with $120M loan

Vornado Realty Trust refinanced its 206,000-square-foot retail building at 4 Union Square South in Manhattan, N.Y., with a $120 million interest-only loan.

The loan is due in 2025, as extended, and bears an interest rate equal to the London Interbank Offered Rate plus 1.40%.

The fully integrated equity real estate investment trust said the loan replaces $113 million of debt that was due to mature in 2019 and carried interest at LIBOR plus 2.15%.