Newmark Arranges $675 Million Refinancing for Independence Plaza in Manhattan

Rhea-AI Summary

Newmark Group (NASDAQ: NMRK) has successfully arranged a significant $675 million refinancing deal for Independence Plaza, a major residential complex in Manhattan's Tribeca neighborhood. The financing was secured on behalf of Vornado Realty Trust and Stellar Management. The property encompasses 1,328 residential units across three 39-story towers, totaling 1.4 million square feet, and includes townhomes, parking facilities, and retail space. The refinancing was secured through a consortium of major banks including Deutsche Bank, Wells Fargo, Bank of America, and Morgan Stanley. The transaction was led by Newmark's senior executives Jordan Roeschlaub and Nick Scribani, with support from Jonathan Firestone and John Caraviello.

Positive

• Successfully arranged a large $675 million refinancing deal, demonstrating Newmark's strong position in commercial real estate advisory
• Transaction involves major institutional lenders (Deutsche Bank, Wells Fargo, Bank of America, Morgan Stanley) showing confidence in Newmark's capabilities
• Deal involves a prestigious property in Manhattan's Tribeca neighborhood with significant square footage (1.4 million sq ft)

Negative

• None.

NEW YORK, June 10, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces it has arranged a $675 million loan on behalf of Vornado Realty Trust and Stellar Management for the refinancing of Independence Plaza, a 1,328-unit multifamily property located in the Tribeca neighborhood of Manhattan. Newmark Co-President of Global Debt & Structured Finance Jordan Roeschlaub and Vice Chairman Nick Scribani secured the financing from Deutsche Bank, Wells Fargo, Bank of America and Morgan Stanley. Co-President of Global Debt & Structured Finance Jonathan Firestone and Director John Caraviello also supported the transaction. 

Independence Plaza is a 1,328-unit residential complex totaling 1.4 million square feet across three 39-story residential towers, a series of townhomes, on-site parking garage and four contiguous blocks of retail frontage.

About Vornado Realty Trust (NYSE: VNO)
Vornado Realty Trust ("Vornado") is a fully-integrated Real Estate Investment Trust and is a preeminent owner, manager and developer of real estate assets. Vornado's portfolio is concentrated in the nation's key market — New York City — along with premier assets both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 26 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2024.

About Stellar Management
Founded in 1985, Stellar Management is a New York City based real estate investment and management firm. With over 13,000 apartments and nearly three million square feet of office and retail space under the firm's corporate umbrella, Stellar is an active market participant focused exclusively on New York City. Since its inception, Stellar has built its superior track record on owning and managing properties for a diverse array of residential, retail and office users. Stellar Management employs a direct, hands-on approach to value investing by marrying its best-in-class management operation with in-house construction and development teams. The vertical integration of management, development and ownership is a central tenet of the firm's investment and management philosophy and enables Stellar to quality control every step of the design, development and execution process. With a fully integrated real estate platform, Stellar is able to provide stakeholders accountability across the many facets of real estate investment. 

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

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SOURCE Newmark Group, Inc.

FAQ

What is the value of the refinancing deal arranged by Newmark (NMRK) for Independence Plaza?

Newmark arranged a $675 million refinancing deal for Independence Plaza in Manhattan's Tribeca neighborhood.

How many residential units does Independence Plaza have?

Independence Plaza consists of 1,328 residential units spread across three 39-story towers.

Which banks provided the financing for Independence Plaza's refinancing?

The financing was provided by a consortium of banks including Deutsche Bank, Wells Fargo, Bank of America, and Morgan Stanley.

What is the total square footage of Independence Plaza?

Independence Plaza totals 1.4 million square feet, including residential towers, townhomes, parking garage, and retail frontage.

Who are the owners of Independence Plaza receiving the refinancing?

The refinancing was arranged on behalf of Vornado Realty Trust and Stellar Management.