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Wednesday, 31 July 2019

Vornado Venture Secures $145.7Mln Loan Against Manhattan's 512 West 22nd St.

A venture of Vornado Realty Trust Inc. and the Albanese Organization Inc. has lined up $145.7 million of financing against the 173,000-square-foot office building at 512 West 22nd St. in Manhattan's Chelsea neighborhood. ING Capital provided the interest-only loan, which matures in 2023.

Commercial Real Estate Direct Staff Report

A venture of Vornado Realty Trust Inc. and the Albanese Organization Inc. has lined up $145.7 million of financing against the 173,000-square-foot office building at 512 West 22nd St. in Manhattan's Chelsea neighborhood.

ING Capital provided the interest-only loan, which pays a coupon of Libor plus 200 basis points and matures in June 2023. The loan, which also comes with a one-year extension option, allowed the venture to retire $126 million of construction financing from...


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