Vornado Completes $300 Million Refinancing of 350 Park Avenue

Vornado VNO announced today that it has completed a $300 million refinancing of 350 Park Avenue, a 558,000 square foot Manhattan office building. The five-year loan bears interest at 3.75% and amortizes based on a 30-year schedule beginning in the 3rd year. The proceeds of the new loan and $132 million of existing cash were used to repay the existing loan and closing costs.