What's Vornado Up to at Penn Plaza?

Vornado Realty Trust put out a press release this morning noting that it has completed a $450 million refinancing of Eleven Penn Plaza.

The brief statement notes that the refinancing is a seven-year interest-only loan at 3.95%. Vornado says it realized net proceeds of about $107 million after repaying the existing loan on the property and closing costs.

Eleven Penn Plaza is a 1.1 million square foot office building on the east side of Seventh Avenue between W. 31st and 32nd Sts. opposite Penn Station and Madison Square Garden, most notable for housing MSG's Fuse music network and studios in its ground floor.

Vornado, a New York-based REIT, has a page devoted to the property, here.

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