Financing
Vornado and Steller land Refi for Independence Plaza
Published on
Goldman Sachs provided the debt
Steve Roth’s Vornado Realty Trust and Larry Gluck’s Stellar Management have secured a $675 million loan from Goldman Sachs to refinance Independence Plaza at 80 North Moore Street.
Property Details: The residential complex contains 1,327 units, and is located in Tribeca.
Financing Details: The seven-year interest only loan has a fixed rate of 4.25 percent. The loan replaces $550 million in previous financing, according to the Commercial Observer who first identified the lender. It will be securitized in a CMBS deal.
Worth Noting: Vornado struck a deal in 2011 to recapitalize the tower and owns 50.1 percent of the building.
