Vornado Realty lands $90m construction loan for 61 Ninth Ave. in NYC

Vornado Realty Trust and Aurora Capital Associates have secured $90 million in construction financing for 61 Ninth Avenue, located at the intersection of Manhattan’s Meatpacking District and Chelsea submarkets. The funding will be used for the construction of a 164,000 sqf Class A office building with ground floor retail space. Designed by Rafael Viñoly Architects, 61 Ninth Avenue will feature 14.5 foot ceilings with oversized floor-to-ceiling windows and outdoor spaces for every floor. The project is currently under construction with targeted completion in 2017. JLL’s Capital Markets Dustin Stolly and Aaron Appel arranged the financing through Helaba and CIT Group. “This project is proof that despite tightening market conditions, construction financing remains available for strong, experienced sponsors with well-developed plans,” said Stolly.