The Real Deal New York

Brookfield refinancing 245 Park Avenue for $1B

Deal will give the developer more cash up front

April 06, 2015 11:00AM

CEO of Brookfield Property Partners Ric Clark and 245 Park Avenue

Brookfield Property Partners is increasing its Bank of China loan on 245 Park Avenue to $1 billion.

The loan on the block-long office tower in Midtown was previously $800 million, the New York Observer reported. The deal will provide Brookfield with an “additional cash-out advance,” and the loan-to-value ratio on the property will remain below 50 percent, a source told the newspaper.

The original Bank of China loan on 245 Park Avenue in November 2010 was one of the largest commercial mortgages on a single property to have been secured at the time post-financial crisis. It was also the largest loan ever made by Bank of China’s New York City branch at the time.

Tenants in the 1.7 million-square-foot tower include Major League Baseball, Wisdom Tree Investments, Heineken USA and Angelo Gordon & Co. [NYO] — Tess Hofmann