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Vornado Secures $120M Refinancing for 4 Union Square South

Wells Fargo Provides Loan Set to Mature in 2025
August 15, 2018
Office and retail real estate investment trust Vornado Realty Trust has closed on a $120 million refinancing of its Union Square South retail building at 4 Union Sq. S., the 256,980-square-foot freestanding retail property that served as one of Manhattan’s first Whole Foods Market locations.

The loan package has been structured as an interest-only loan at LIBOR plus 1.40 percent that matures in 2025. Wells Fargo Bank provided the funding, according to public records. The new loan replaces $113 million in debt Vornado had on the property.

Four Union Square South is a seven-story community center with an average floor size of 40,000 square feet. It is anchored by discount-retailer Burlington Stores and Whole Foods, which occupy 92,602 square feet and 73,579 square feet, respectively. About 31,500 square feet is available for lease in the building, which was built in 1999.

Earlier in August, Vornado announced it had closed on the sale of its 49.5-percent stake in the 666 Fifth Ave. office condominium back to Kushner Co. Vornado said that it will receive $120 million in net proceeds from the sale when it closes in the third quarter.

Over the next year, Vornado said it plans to focus more closely on its Midtown West holdings, particularly its redevelopment work on One Penn Plaza and the Moynihan Train Hall.

Diana Bell, New York City Market Reporter  CoStar Group   
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