JPMorgan to lead refinancing of Trump-backed Vornado tower

Vornado Realty Trust turned to JPMorgan Chase and other banks to refinance debt on a Midtown skyscraper it owns with former president Donald Trump.

The $950 million loan is for 1290 Sixth Ave., a 43-story tower, according to a report from the Kroll Bond Rating Agency. The transaction is expected to be parceled into a commercial mortgage bond that might be announced as soon as next week.

The building will be the second of two Trump-linked office towers that Vornado has refinanced. In April, JPMorgan arranged $1.2 billion of debt linked to 555 California St. in San Francisco. That transaction allowed Vornado and Trump to extract $617 million

→ Continue reading at Crain's New York Business

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