Manhattan, NY - $950 million refinance completed for 1290 Ave. of Americas
01.01.70
According to Vornado Realty Trust, the partnership that owns 1290
Avenue of the Americas, a 2.1 million s/f office building has completed a
$950 million refinancing of the property. The 10-year interest-only
loan bears interest at 3.344%. The net proceeds from the refinancing
were $522 million after repaying the existing loan and closing costs.
Vornado owns a 70% controlling interest in the partnership.
Vornado
Realty Trust is a fully integrated equity real estate investment
trust.Get to know Ostrowsky of Investors Home MortgageCan you give me
some background information on Investors Home Mortgage and Investors
Bank?
Investors Home Mortgage is a wholly owned subsidiary of
Investors Bank. The bank was founded in New Jersey in 1926, and up until
2010 our retail presence was exclusively in New Jersey. In 2010 we
acquired Millennium Bank which in turn brought our first retail presence
to New York. We have continued to grow in New York both organically and
via acquisition. Last year we acquired Brooklyn Federal Savings, and
most recently, we acquired Marathon Bank. The most telling statistic of
our growth can be seen by looking at our assets. To end fiscal year
2007, the bank had assets of $5.7 billion. After the acquisition of
Marathon, we are now a $12.4 billion dollar bank. To more than double in
size during the years that define the financial crisis is evidence of
how well the organization is run.
Can you brefinance/b an adjustable bmortgage/b as a fixed bmortgage/b b.../b
Sure they can, all mortgages can be redone. Since they do not usually adjust for 2 years the homeowner has time to get their credit rating up to qualify for a great mortgage rate.
Of course it seems that most people do not use the time of a low mortgage rate to clean up their credit. But this is a free country, you are free to have bad credit or good credit, which ever you want.
No one is “being pounded” by surprise, they all knew this would happen and exactly which day it would happen if they did not make some other arrangement.
They can refinance those ARMS, if they qualify to do so. The problem for many folks, however, is that their ARM balance is now more than their property is worth, due to declining real estate values. Thus, in order to refinance, they will have to show up at closing with the cash to make up the difference between current value and the amount of their ARM loan.
Yes, you can.
However, the reason most of these borrowers opted for ARM’s in the first place is because ARM’s, at least initially, result in lower monthly payments than fixed rate loans. The borrowers couldn’t qualify for the higher payment fixed rate loans, so they took out ARM’s.
So, if they couldn’t qualify for fixed-rate three years ago, then they aren’t going to qualify now, unless they are now earning significantly more income.
