Bank Of China In $950 Million US Reit Venture
Vornado Realty Trust one of the largest publicly held Reits in the United States has announced it has increased the loan on its 220 Central Park South development by $350 million to $950 million. The lender on the loan is the Bank of China.
Vornado Realty Trust is a fully integrated equity real estate investment trust with a concentration of premier assets and a focused strategy of growing its dominant positions in New York City and Washington DC office and Manhattan street retail.
220 Central Park South has received more than $1.1 billion in commitments from buyers within the first six weeks of sales. The REIT originally targeted a sellout of $2.4 billion at the property.
Vornado is a NYSE listed stock (NYSE: VNO) and is an S&P 500 constituent.
In connection with the upsizing, the standby commitment for a $500 million mezzanine loan for this development has been terminated by payment of a $15 million contractual termination fee.
