NU Online News Service, Jan. 21, 2005, 4:33 p.m. EST
An arm of a large Newark, N.J., insurer is helping Vornado Realty Trust, New York, borrow against the value of a Big Apple office building.[@@]
The insurer, Prudential Financial Inc., says its Prudential Mortgage Capital Company unit has originated a $220 million permanent capital markets loan for Vornado, which is a major real estate investment trust.
The loan is backed by 11 Penn Plaza, a 1 million-square-foot, Class A office building located across from New York’s Penn Station on West 31st Street.
The 7-year loan will amortize over 30 years and pay an interest rate of 5.20%.