Alexanders extends $500M 731 Lexington loan maturity to Oct 2024, pays down $10M

ALEXANDERS INC

Maturity of $500M mortgage loan on office portion of 731 Lexington Avenue extended from June 11 to October 11, 2024.
Borrower paid $10M principal reduction and $1M consent fee in exchange for extension; interest rate unchanged at Prime plus 0.00%.
Loan placed into special servicing; monthly special servicing fees of 0.25% p.a. to be paid; refinancing expected before extended maturity.
Trigger period commenced with modified cash management; Lease Funds of $66.8M deposited into new Funding Obligation Deposit Account.

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