NEW YORK CITY — Newmark has arranged a $675 million loan for the refinancing of Independence Plaza, a 1,328-unit apartment complex located at 40 Harrison St. in the Tribeca area of Manhattan.
A consortium of lenders consisting of Deutsche Bank, Wells Fargo, Bank of America and Morgan Stanley provided the debt to the borrower, a partnership between Vornado Realty Trust (NYSE: VNO) and Stellar Management. Jordan Roeschlaub, Nick Scribani, Jonathan Firestone and John Caraviello led the transaction for Newmark.
Independence Plaza consists of three 39-story residential towers, a series of townhomes, an onsite parking garage and four contiguous blocks of retail frontage for a total footprint of 1.4 million square feet.
Units come in studio, one-, two- and three-bedroom floor plans, as well as and duplexes, and many apartments are newly renovated and feature walk-in closets, large balconies and washers and dryers.
Amenities include a pool, fitness center and a children’s play area. According to the property website, there are currently five units available for rent.
— Taylor Williams