**Vornado Realty Trust Finalizes $675M Refinancing of Tribeca’s Independence Plaza**
Vornado Realty Trust has announced the completion of a $675 million refinancing deal for Independence Plaza, a prominent 1,328-unit residential complex located at 40 Harrison Street in New York City’s Tribeca neighborhood. The refinancing was carried out through a joint venture in which Vornado holds a 50.1% ownership stake. The identity of the lender has not been disclosed.
The new loan is a five-year, interest-only facility with a fixed interest rate of 5.84%. It is scheduled to mature in June 2030 and replaces the previous $675 million, seven-year loan that had a 4.25% interest rate and was set to mature in July 2025.
This refinancing marks a continued evolution of the property’s financial structure. Back in 2018, Independence Plaza was reported to be encumbered by a $550 million loan. The residential community, originally developed as a middle-income housing complex, was acquired by Stellar Management—the joint venture partner holding the remaining 49.9% stake—in 2003 with the intention of transforming it into a luxury rental property.
In 2011, it was reported by the Wall Street Journal that Vornado recapitalized the project by acquiring $185 million in junior debt, further solidifying its financial and strategic involvement in the property.
Independence Plaza continues to be a noteworthy asset in Lower Manhattan, reflecting ongoing investor interest in the area’s high-demand residential market.
