search

The Real Deal Logo

Trending

“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab lawBillionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida moveKeith Menin buys waterfront Miami Beach home of late Telemundo exec Don BrowneKeith Menin buys waterfront Miami Beach home of late Telemundo exec Don BrowneHousing deal finally passes; here are the detailsHousing deal finally passes; here are the details
New York

Blackstone to refinance loans for Forest City’s Barclays Center

Schwarzman considers reworking $500 million in bonds of payment in lieu of taxes

Barclays Center in Brooklyn, Stephen Schwarzman and MaryAnne Gilmartin
Barclays Center in Brooklyn, Stephen Schwarzman and MaryAnne Gilmartin

Private equity giant Blackstone Group’s Stephen Schwarzman has agreed to buy up old loans for billionaire Mikhail Prokhorov’s Brooklyn Nets and the Barclays Center, of which Forest City Ratner has a 55 percent stake.

Sign Up for the undefined Newsletter

Schwarzman is mulling over whether to rework about $500 million in PILOT bonds (payment in lieu of taxes). This would allow the Barclays Center to lower its nearly 7 percent interest rate on the bonds, the New York Post reported. Goldman Sachs issued the bonds and is advising Barclays.

Blackstone recently refinanced $60 million of the Brooklyn Nets’ debt and lent $50 million to the team for its new Sunset Park practice space. [NYP] — Mark Maurer

Tags
Blackstone GroupBrooklynForest City Ratner