Alexander’s Completes $94 Million Financing of a Residential Building

Rhea-AI Summary

ALEXANDER’S (NYSE: ALX) has secured a $94 million financing for The Alexander, a 312-unit residential project in Rego Park, Queens. This interest-only loan has a fixed rate of 2.63% and matures in November 2027. The property is part of a larger complex developed by the company. Alexander’s, a real estate investment trust, operates seven properties in the greater New York City area.

Positive

• Secured $94 million financing for The Alexander project.
• Interest-only loan at a low fixed rate of 2.63%.
• Completion of funding enhances the portfolio value.

Negative

• Loan matures in November 2027, indicating long-term financial obligations.

PARAMUS, N.J., Oct. 26, 2020 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York Stock Exchange: ALX) announced today that it has completed a $94 million financing of The Alexander, a 312-unit residential building that is part of the Company’s residential and retail complex located in Rego Park, Queens, New York. The seven-year interest only loan matures in November 2027 and has a fixed rate of 2.63%.

Alexander’s, Inc. is a real estate investment trust that has seven properties in the greater New York City metropolitan area.

CONTACT:
MATTHEW IOCCO
(201) 587-8541

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2019 and in Part II, Item 1A, of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments, the financial condition of our tenants, general competitive factors and the impact of the COVID-19 pandemic.

FAQ

What is the recent financing amount for ALEXANDER’S (ALX)?

ALEXANDER’S announced a $94 million financing for The Alexander project.

What is the interest rate on the loan secured by ALEXANDER’S (ALX)?

The secured loan has a fixed interest rate of 2.63%.

When does the loan for The Alexander project mature?

The loan matures in November 2027.

What type of company is ALEXANDER’S (ALX)?

ALEXANDER’S is a real estate investment trust (REIT) operating in the New York City metropolitan area.

How many properties does ALEXANDER’S (ALX) manage?

The company manages seven properties in the greater New York City area.