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| Vornado announces closing financing for Bergen Town Center New York-based Vornado Realty Trust has closed a construction loan providing up to $290 million to finance the redevelopment of a portion of its Bergen Town Center, Paramus, New Jersey. This interest-only loan has a rate of LIBOR plus 1.50% and matures in March 2011 with two one-year extension options. The mall area subject to the construction loan will contain approximately 950,000 square feet of retail space of which 400,000 square feet has been leased to anchor tenants Century 21, Whole Foods and Target. Vornado also plans to develop an additional 250,000 square feet of retail space on 27.5 acres adjacent to the mall. write your comments about the article :: © 2008 Construction News :: home page |