ALEXANDER’S, INC. announced today that it has completed a $500 million refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.90 percent, currently 1.95 percent, and matures in June 2024, as extended. The Company realized net proceeds of approximately $188 million after repaying the existing $300 million mortgage and closing costs. The existing mortgage bore interest at LIBOR plus 0.95 percent and was due March 2021.
Alexander’s, Inc. is a real estate investment trust that has seven properties in the greater New York City metropolitan area.