PARAMUS, N.J. (AP) - Vornado Realty Trust secured a $290 million loan to
finance the redevelopment of a mall in Paramus, the real estate investment fund
said Monday.
Vornado borrowed $290 million at an interest rate at the London interbank
offered rate plus 1.5 percentage points. The company did not say who the lender
is. The loan is due 2011, with options to extend for up to two years.
Vornado will use the money to redevelop the Bergen Town Center, a mall in
Paramus formerly known as the Bergen Mall. The company is redeveloping 950,000
square feet of retail space, about 400,000 square feet of which are leased to
Century 21, Whole Foods and Target.
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