Vornado Completes $500 Million Refinancing of 330 Madison Avenue

Vornado Realty Trust, a fully integrated equity real estate investment trust, announced today that its 25 percent owned joint venture has completed a $500 million refinancing of 330 Madison Avenue, an 845,000 square foot Manhattan office building. The seven-year interest only loan matures in August 2024 and has a fixed rate of 3.475 percent.

Vornado’s share of the net proceeds, after repayment of the existing LIBOR plus 1.30 percent $150 million loan and closing costs, was approximately $85 million.

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