$Vornado Realty Trust(VNO-N)$ (VNO) said late Monday that its 52%-owned street retail joint venture completed a $450 million financing of the 1535 Broadway property at Times Square in New York.
The interest-only, nonrecourse loan has a 6.9% fixed rate and matures in May 2030.
The real estate investment trust said that $407 million of the net proceeds from the financing were used to partially redeem its retail joint venture preferred equity.
Vornado shares were down 5.1% in recent premarket activity.
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