Vornado Realty Trust refinances 350 Park Avenue for $300 million

Vornado Realty Trust has completed the $300 million refinancing of 350 Park Ave., a 558,000 s/f office building. The five-year loan bears interest at 3.75% and amortizes based on a 30-year schedule beginning in the 3rd year. The proceeds of the new loan and $132 million of existing cash were used to repay the existing loan and closing costs. Vornado Realty Trust is a fully integrated equity real estate investment trust.