Vornado Realty Trust (VNO) has sold $660m of 10-year mortgage notes in a single-issuer securitization. Vornado, which has offices in Manhattan and Washington D.C., is a real estate investment trust (REIT) with a portfolio of more than 100m square feet of mostly retail properties. This securitization is cross-collateralized by 40 strip shopping centers located in the Mid-Atlantic region. It’s comprised of a $600m fixed-rate component and a $60m variable-rate component. The $600m portion bears interest at an initial rate of 4.17% and a weighted average rate of 4.31% over the 10-year term and amortizes based on a 30-year schedule. According to market participants, this is the same CMBS structure associated with JPMorgan Chase (JPM). Earlier in the month, Goldman Sachs (GS) priced its $788.5m CMBS offering. Write to Jon Prior. Disclosure: the author holds no relevant investments.
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