Vornado Realty Trust has completed a $120-million refinancing of 4 Union Square South, a 204,000-square-foot Manhattan retail property. The 10-year, interest-only loan has a fixed rate of 5.64%.
The loan replaces the previous $120-million loan that bore interest at SOFR plus 1.50% and was originally scheduled to mature in August 2025. The lender was not identified; however, previous loans on the property came from Wells Fargo.
The office and retail REIT completed the redevelopment of 4 Union Square South from a single department store into 200,000 square feet of multi-tenant vertical retail in 2005. The building is a centrally located retail destination proximate to six residential districts, New York University and a major subway hub, according to Vornado. 4 Union Square is home to DSW, Burlington and one of the city’s first Whole Foods Markets.
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