Workflow
Alexander's Completes $400 Million Refinancing of 731 Lexington Avenue Office Condominium
ALXAlexander’s(ALX) GlobeNewswire News Room·2024-09-30 20:27

Core Viewpoint - Alexander's, Inc. has successfully completed a 400millionrefinancingoftheofficecondominiumportionof731LexingtonAvenue,significantlyreducingitsinterestrateandextendingtheloanmaturity[1]Group1:LoanDetails−Thenewloanisaninterest−onlyloanwithafixedrateof5.045400 million refinancing of the office condominium portion of 731 Lexington Avenue, significantly reducing its interest rate and extending the loan maturity [1] Group 1: Loan Details - The new loan is an interest-only loan with a fixed rate of 5.045% and matures in October 2028 [1] - The refinancing replaces a prior 490 million loan that had an interest rate tied to the Prime rate, currently at 8.00%, and was set to mature in October 2024 [1] - The new loan allows for prepayment at Alexander's option without penalty starting in October 2026 [1] Group 2: Company Overview - Alexander's, Inc. is a real estate investment trust (REIT) that owns five properties in New York City [1]