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Vornado Refis 1,300-Unit Tribeca Apartment Tower
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Vornado Realty Trust said Wednesday that its 50.1% owned joint venture had completed a $675-million refinancing of Independence Plaza, a 1,327-unit residential complex in Lower Manhattan’s Tribeca submarket. The lender was not disclosed.
The seven-year interest-only loan matures in July 2025, and has a fixed rate of 4.25%. The property was previously encumbered by a $550-million loan.
Stellar Management, which holds the remaining 49.9% of the JV, acquired Independence Plaza in 2003 with plans to convert it from middle-income to luxury rental apartments. In 2011, the Wall Street Journal reported that Vornado recapitalized the property, acquiring $185 million in junior debt.
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- ◦Financing
