Vornado Refis Independence Plaza Apartments for $675M

Vornado Refis Independence Plaza Apartments for $675M
News| June 9, 2025| Paul Bubny
New York & Tri-State + Apartment Buildings

(Updated with additional information)

Vornado Realty Trust said its 50.1% owned joint venture has completed a $675 million refinancing of Independence Plaza, a 1,328-unit residential complex at 40 Harrison St. in Lower Manhattan’s Tribeca neighborhood. Newmark’s co-presidents of Global Debt & Structured Finance Jordan Roeschlaub and Jonathan Firestone, vice chairman Nick Scribani and director John Caraviello secured the financing from Deutsche Bank, Wells Fargo, Bank of America and Morgan Stanley.

The five-year, interest-only loan matures in June 2030 and has a fixed rate of 5.84%. It replaces a $675-million, seven-year loan that bore interest at 4.25% and was scheduled to mature in July.

Connect CRE reported in 2018 that the property was previously encumbered by a $550-million loan. Stellar Management, which holds the remaining 49.9% of the JV, acquired Independence Plaza in 2003 with plans to convert it from middle-income to luxury rental apartments. In 2011, the Wall Street Journal reported that Vornado recapitalized the property.

Other News

Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap

Apartment Buildings

Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...

Learn more

Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap

Apartment Buildings

An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...

Learn more

Revere, MA Weighs 1,700-Unit Housing Project

Boston & New England + Apartment Buildings

The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up