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Vornado Refis Independence Plaza Apartments for $675M
(Updated with additional information)
Vornado Realty Trust said its 50.1% owned joint venture has completed a $675 million refinancing of Independence Plaza, a 1,328-unit residential complex at 40 Harrison St. in Lower Manhattan’s Tribeca neighborhood. Newmark’s co-presidents of Global Debt & Structured Finance Jordan Roeschlaub and Jonathan Firestone, vice chairman Nick Scribani and director John Caraviello secured the financing from Deutsche Bank, Wells Fargo, Bank of America and Morgan Stanley.
The five-year, interest-only loan matures in June 2030 and has a fixed rate of 5.84%. It replaces a $675-million, seven-year loan that bore interest at 4.25% and was scheduled to mature in July.
Connect CRE reported in 2018 that 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.
- ◦Financing
