Alexander's, Inc. announced the completion of a $175 million refinancing of its Rego Park II shopping center in Queens, New York.
The refinancing deal includes a new interest-only loan at SOFR plus 2.00% with a maturity in December 2030.
The company paid down $23.5 million from the prior loan that bore interest at SOFR plus 1.45%.
Refinancing Details
$175 million refinancing completed with an interest-only loan at SOFR plus 2.00%.
Loan Comparison
Paid down $23.5 million from the previous $198.5 million loan at SOFR plus 1.45%.
Property Information
Rego Park II shopping center spans 615,000 square feet in Queens, New York.
- The refinancing provides Alexander's, Inc. with improved financial flexibility and better terms for managing its debt.
- The lower interest rate on the new loan compared to the prior one will likely lead to reduced interest expenses for the company.
The successful refinancing of Rego Park II signifies Alexander's proactive approach to optimizing its financial structure and reducing borrowing costs.