NEW YORK CITY-Owner Larry Gluck, who is facing a huge debt loan on the Independence Plaza apartment complex, has appealed to Vornado Realty Trust to assist him escape from strains at the TriBeCa property. Vornado has signed a contract with Stellar Management of Gluck to recapitalize the complex by buying $185 million in junior debt.
Gluck purchased the 1,300-apartment complex in 2003. The debt sale was arranged by Adam Spies and Doug Harmon from Eastdil Secured. For the full story, go to Wall Street Journal .
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