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NEW YORK CITY-Vornado Realty Trust said late Friday it had acquired a 58.75% interest in Stellar Management‘s Independence Plaza rental apartment complex in Manhattan’s Tribeca neighborhood. The acquisition completes a transaction that began in June 2011, when the REIT bought a 51% interest in the junior debt on the complex at a discount.

The current transaction values the 1,328-unit complex at $844.8 million, according to Vornado. The property is now encumbered by a $329.2-million mortgage. Vornado and Stellar expect to refinance the complex in the first quarter of 2013, according to a release.

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