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Vornado completes $273M refinancing of Washington, DC, building
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Vornado Realty Trust's55%-owned joint venture concluded a $273 million refinancing of the , a 621,000-square-footoffice building at 1299 Pennsylvania Ave. in Washington, D.C.
The seven-year loan matures in June 2023, has a fixed rate of3.65%, is interest-only for the first two years and amortizes based on a 30-yearschedule commencing in year three.
According to Vornado, the property was previously encumberedby a 6.26% $293 million mortgage.