**Vornado Completes $675M Refinancing of Independence Plaza in Tribeca**
Vornado Realty Trust announced that a joint venture in which it holds a 50.1% stake has finalized a $675 million refinancing of Independence Plaza, a 1,328-unit residential complex located at 40 Harrison Street in Lower Manhattan’s Tribeca neighborhood.
The new financing is a five-year, interest-only loan with a fixed interest rate of 5.84%. The loan matures in June 2030 and replaces a prior $675 million, seven-year loan with a 4.25% interest rate that was set to mature in July 2025. The identity of the lender was not disclosed.
Historically, Independence Plaza was encumbered by a $550 million loan, as reported in 2018. Originally acquired by Stellar Management in 2003, the property was targeted for conversion from middle-income housing into luxury rental apartments. Vornado became involved in 2011 when it recapitalized the asset by acquiring $185 million in junior debt, according to reports from the Wall Street Journal at the time.
Stellar Management owns the remaining 49.9% stake in the joint venture.
