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.
