Vornado lands $450M to refinance Penn 11

Steve Roth refinanced one of his Penn District properties, but needed to contribute his company’s equity to do so. Vornado Realty Trust landed a $450 million CMBS loan for Penn 11, Bisnow reported. The real estate investment trust announced the deal on Wednesday, disclosing the five-year interest-only loan has a fixed rate of 6.35 percent and isn’t set to mature until August 2030. Citi Real Estate Funding, Bank of Montreal and Societe Generale Financial Corporation provided the debt, according to presale reports from Moody’s Ratings and Morningstar DBRS. But Vornado was facing an October maturity of $500 million in debt […]This article originally appeared on The Real Deal. Click here to read the full story.