/

|

Vornado Realty Trust and Stellar Management have completed the $675 million refinancing of Independence Plaza, a 1,328-unit luxury residential property in the Manhattan’s Tribeca submarket. The former holds a 50.1 percent interest in the asset.

The CMBS note replaces a previous $675 million loan issued in 2018 by co-funders Goldman Sachs, Bank of America and Deutsche Bank that was scheduled to mature in July. The five-year financing has a fixed rate of 5.84 percent and will mature in June 2030.