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Vornado's Retail JV Boosts Strength With $450M Financing
VNOVornado(VNO) ZACKS·2025-04-16 02:30

Vornado Realty Trust’s (VNO) 52% owned street retail joint venture (“JV”) recently completed a 450millionfinancingof1535Broadway,apremierTimesSquareretaildestinationwithfullblockfront4KLEDsignage.Theinterestonly,nonrecourseloancarriesafixedrateof6.90450 million financing of 1535 Broadway, a premier Times Square retail destination with full blockfront 4K LED signage.The interest-only, non-recourse loan carries a fixed rate of 6.90% and is slated to mature in May 2030.After considering transaction costs and reserves, 407 million of the net proceeds from the financing was utilized to partially redeem preferred equity of Vornado’s Retail JV.VNO: In a SnapshotWi ...