Vornado Refinances Eleven Penn Plaza for $330M

PARAMUS—Vornado Realty Trust announced that on December 28, 2011 it completed a $330 million refinancing of Eleven Penn Plaza, a 1.1-million-sq.-ft. Manhattan office building. The seven-year loan bears interest at LIBOR plus 2.35 percent, today 2.64 percent. The loan amortizes based on a 30 year schedule beginning in the fourth year. The company realized net proceeds of approximately $126 million after repaying the existing loan on the property and closing costs.

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