Vornado Realty Trust and Stellar Management have together nabbed $675 million to refinance their Independence Plaza residential property in Tribeca, Manhattan.
Newmark, which brokered the deal, confirmed the announcement on Tuesday. Brokers Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and John Caraviello secured the funding. The financing was provided by multiple financial institutions, including Wells Fargo, Bank of America, Morgan Stanley and Deutsche Bank.
A previous statement by Vornado said that the REIT owns 50.1 percent of Independence Plaza through a joint venture with Stellar. The landlord also noted that the loan includes a fixed rate of 5.84 percent through an interest-only loan that matures by June 2030. It will replace the old debt that maintained an interest rate of 4.25 percent, which was set to expire next month.
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Independence Plaza at 40 Harrison St. features three 39-story towers, offering 1,328 total residential units. The luxury complex spans 1.4 million square feet and includes townhomes. Some amenities include a parking garage, with most units featuring outdoor balconies and washers and dryers.
This quarter, Vornado has made a couple of major moves in Manhattan. In April, the landlord's JV refinanced a hotel, Marriott Marquis, for $450 million. Then, last month, another one of the New York-based company's JVs offloaded an office tower in Chelsea for $205 million.
In the first three months of the year, multifamily dollar volume in New York City surged by 62 percent year-over-year to $2.21 billion, according to a report from Ariel Property Advisors. Also, transactions rose by five percent to 269. Free market assets stood out in the asset class, accounting for 88 percent of the total volume and 58 percent of the transactions.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
