Vornado Realty Trust, a real estate investment trust (REIT), may tap the commercial mortgage-backed securities (CMBS) market to raise capital to repay debt, according to Reuters report.

Vornado is expected to raise $600 million to $700 million from the CMBS market. The company intends to utilize the fund to refinance one of its existing properties. The strategic move is aimed at strengthening its balance sheet.

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