Please answer the given financial question based on the context.
Context: properties 51vornado realty trust industrial properties our dry warehouse/industrial properties consist of seven buildings in new jersey containing approximately 1.5 million square feet . the properties are encumbered by two cross-collateralized mortgage loans aggregating $ 47179000 as of december 31 , 2006 . average lease terms range from three to five years . the following table sets forth the occupancy rate and average annual rent per square foot at the end of each of the past five years . average annual occupancy rent per as of december 31 , rate square foot .
|as of december 31,|occupancy rate|average annual rent per square foot|
|2006|96.9% ( 96.9 % )|$ 4.17|
|2005|100.0% ( 100.0 % )|4.19|
|2004|88.0% ( 88.0 % )|3.96|
|2003|88.0% ( 88.0 % )|3.86|
|2002|100.0% ( 100.0 % )|3.89|
220 central park south , new york city we own a 90% ( 90 % ) interest in 220 central park south . the property contains 122 rental apartments with an aggregate of 133000 square feet and 5700 square feet of commercial space . on november 7 , 2006 , we completed a $ 130000000 refinancing of the property . the loan has two tranches : the first tranche of $ 95000000 bears interest at libor ( capped at 5.50% ( 5.50 % ) ) plus 2.35% ( 2.35 % ) ( 7.70% ( 7.70 % ) as of december 31 , 2006 ) and the second tranche can be drawn up to $ 35000000 and bears interest at libor ( capped at 5.50% ( 5.50 % ) ) plus 2.45% ( 2.45 % ) ( 7.80% ( 7.80 % ) as of december 31 , 2006 ) . as of december 31 , 2006 , approximately $ 27990000 has been drawn on the second tranche . 40 east 66th street , new york city 40 east 66th street , located at madison avenue and east 66th street , contains 37 rental apartments with an aggregate of 85000 square feet , and 10000 square feet of retail space . the rental apartment operations are included in our other segment and the retail operations are included in the retail segment. .
Question: for the 2006 refinancing , as of december 31 , 2006 , approximately what percentage as been drawn on the second tranche?
Answer:
0.79971