Vornado Realty Trust recently revealed that its 50.1% owned joint venture has completed a $675 million refinancing of Independence Plaza, a 1,327 unit residential complex in the Tribeca submarket of Manhattan. The seven-year interest only loan matures in July 2025 and has a fixed rate of 4.25%.
According to a prepared statement, the property was previously encumbered by a $550 million loan.
Vornado Realty Trust is a fully integrated equity real estate investment trust.
According to a recent analysis report about the REIT, BMO Capital Markets says that the company showed standout Q1 results, with 424,000 square feet of New York office leases signed with 50.3% leasing spreads.
