Vornado Realty Trust borrows $145M from HSBC for UES retail

Vornado Realty Trust through the entity VNO 86 Lex LLC as borrower signed a loan agreement with lender HSBC Bank USA valued at $145.1 million for 3 parcels, including retail condominiums and a rental building at 151 East 85th Street and others on the Upper East Side. The deal closed on November 6, 2019 and was recorded on November 8, 2019.

The debt level is lower than 2014, when Helaba provided $146 million, which included $46 million in new debt. The remaining Helaba debt was assigned to HSBC, and a gap mortgage of $2.6 million was added to bring the new debt to $145.07 million. The last time the property composed of retail space and a small residential building sold was October 8, 2010, when Vornado bought it from developer Extell Development for $165,285,000. The fee is owned by Solil Management and the ground lease is held by Vornado.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

CORRECTION: A previous version of this post reported the new loan at $147.6 million, when in fact it was $145.1 million.