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. The lender was not disclosed.
The five-year, interest-only loan matures in June 2030 and has a fixed rate of 5.84%. It replaces the prior $675-million, seven-year loan that bore interest at 4.25% and was scheduled to mature in July 2025.
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, acquiring $185 million in junior debt.
The post Vornado Refis Independence Plaza Apartments for $675M appeared first on Connect CRE.
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