Stellar signs $675M refi with consortium for Independence Plaza in Tribeca

Stellar Management through the entity IP Mortgage Borrower LLC as borrower signed a refi loan with lender Deutsche Bank, Bank of America, Wells Fargo, and Morgan Stanley valued at $675 million for the 1,328-unit residential elevator complex Independence Plaza (D6) at 310 Greenwich Street in Tribeca, Manhattan.
The deal closed on June 5, 2025 and was recorded on June 11, 2025. The prior lender was Series 2018-INDP which held debt that had an original loan amount of $675 million.

The property has 1,970,736 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $342 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on September 30, 2014, for $69.9 million. The signatory for Stellar Management was Adam Roman . The signatory for Deutsche Bank , Bank of America , Wells Fargo , and Morgan Stanley was David Goodman , Peter Castro , Steven Wasser , Cynthia Eckes , and Jeffrey L. Cirillo .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Smajlje Srdanovic, head officer and Michael Donuk, head officer. The business entity is The Abingdon Condominium. The 1,970,736-square-foot property generated revenue of $75.5 million or $38 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 1,328 residential units in Tribeca has 1,970,736 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 406 feet and is 231 feet deep with a total lot size of 186,631 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $391.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $2,500 in ECB penalties, 43 housing violations, and $9,350 in OATH penalties in the last year.

Development

On the lot, there are four active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 1,495,239 square feet. The largest, 121191209, is a major alteration project for a 435-unit, 1,494,471 square-foot R-2 building submitted by Kelley Peterson with plans filed November 1, 2016 and it has not been permitted yet. The second largest, 121191218, is a major alteration project for a 415-unit, 1,494,471 square-foot R-2 building submitted by Kelley Peterson with plans filed November 1, 2016 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 1,970,736 square feet of the 2,817,556 square feet. The identified owner is Stellar Management.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 2.8 million square feet of built space are elevator buildings, with specialty buildings next occupying 30 percent of the space.

The borrower

The PincusCo database currently indicates that Stellar Management owned at least 83 commercial properties with 7,763 residential units in New York City with 10,399,494 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.5 billion in debt, with top three lenders as New York Community Bank, Goldman Sachs, and Helaba respectively. Within the portfolio, the bulk, or 76 percent of the 10,399,494 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Bronx next at 12 percent of the space.

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