1290 Avenue of the Americas Gets $950M Loan

Vornado Realty Trust, a fully integrated equity real estate investment trust, announced this week that the partnership that owns 1290 Avenue of the Americas in Manhattan has completed a $950 million refinancing of the property. Reportedly Deutsche Bank, Goldman Sachs, UBS Securities and the Bank of China financed the loan with commercial mortgage-backed securities.
Vornado owns 70% of the property, while Donald Trump's organization owns the remaining 30%.

The Master Servicer and Special Servicer will be Wells Fargo Bank, National Association rated 'CMS2' and 'CSS2-', respectively, by Fitch. The net proceeds from the refinancing were approximately $522 million after repaying the existing loan and closing costs.

The 43-story, 2.1 million square foot office building is approximately 95% leased by 27 tenants as of September 2012, and owned and managed by affiliates of Vornado Realty Trust. 1290 Avenue of the Americas is currently undergoing major renovations, to include new turnstile access systems, and upgrades to the cooling tower, chillers, restrooms and telecommunications spine, and new tenant-proprietary back up generators.

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