Vornado Refis Union Square Retail

NEW YORK CITY-Vornado Realty Trust said Wednesday it had completed a refinancing on 4 Union Square South, a 206,000-square-foot retail property it developed and owns. The seven-year loan for $120 million bears interest at Libor plus 2.15% and amortizes on a 30-year schedule beginning in the third year, according to a release from the REIT. The lender was not disclosed; the release states that Vornado realized net proceeds of $42 million after repaying the existing loan.

Vornado previously refinanced the property for $75 million in April 2009, according to SEC filings. It was scheduled to mature this past April, with two one-year extensions. Previously, the property, anchored by Whole Foods Market, was unencumbered. Other tenants there include DSW Shoe Warehouse, Forever 21, Burlington Coat Factory and Jamba Juice.