Facebook Twitter LinkedIn Google Plus RSS

Vornado completes $678M debt modification

By ,

Vornado Realty Trust, which has significant operations in Paramus, announced last week the completion of its $678 million debt modification.

According to the announcement, the 5.743 percent mortgage loan secured by its Skyline properties in Fairfax, Va. has been separated into two tranches, a senior $350 million position and a junior $328 million position. The loans have been extended from February 2017 to February 2022, with a one-year extension option and will have an effective interest rate of 2.965 percent. Vornado has committed to fund a minimum of $25 million, through a loan to the property, for interest shortfalls, leasing capital and building capital to restabilize the property.

Also Popular on NJBIZ

Write to the Editorial Department at editorial@njbiz.com

Related Stories

Leave a Comment


Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy


Subscribe to Our Newsletters!
Click Here to Subscribe for Free Now!