Vornado Realty Trust announced that its 45.1% owned joint venture has completed a $161 million refinancing of 61 Ninth Avenue, a 194,000-square-foot office and retail property in the Meatpacking district of Manhattan, which is fully leased to Aetna and Starbucks.
The interest-only loan, which matures in March 2029, as fully extended, carries a rate of SOFR plus 3.00% for the first year, SOFR plus 3.35% for the second year and SOFR plus 3.85% for the remainder of the term.
The loan replaces the previous $155 million loan that bore interest at SOFR plus 2.45% and was scheduled to mature in November 2026.
