Vornado joint venture refinances 61 Ninth Avenue with $161 million loan

Vornado Realty Trust (NYSE: VNO) announced that its joint venture completed a $161 million refinancing of 61 Ninth Avenue, a 194,000 square foot office and retail property in Manhattan's Meatpacking district.

The property is fully leased to Aetna and Starbucks. Vornado holds a 45.1% ownership stake in the joint venture.

The new interest-only loan matures in March 2029 and carries a floating rate structure. The rate is set at SOFR plus 3.00% for the first year, SOFR plus 3.35% for the second year, and SOFR plus 3.85% for the remaining term.

This refinancing replaces a previous $155 million loan that carried an interest rate of SOFR plus 2.45% and was scheduled to mature in November 2026.

The information was disclosed in a company press release.

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