Vornado Refinances River House Apartments for $260M

Paramus, N.J.–Vornado Realty Trust has completed a $260 million refinancing of its River House Apartment Complex, located in Washington, D.C. This financing is comprised of a $196 million interest-only seven-year 5.43 percent fixed-rate mortgage and a $64 million interest-only 10 year floating rate mortgage at the Freddie Mac Reference Note Rate plus 1.53 percent (4.36 percent at closing).The 1,670-unit three-building apartment complex was part of Vornado’s acquisition of H Street Building Corp., completed in April 2007. With this financing and proceeds from a contractual land sale scheduled to close this year, Vornado’s total investment in H Street will be $409 million, consisting of $78 million in cash and $331 million of debt.