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Brookfield refis 200 Vesey with $290M loan
Wells Fargo provided the financing for 52-story building in Brookfield Place complex
Brookfield Property Partners just landed a $290 million from Wells Fargo to refinance its office tower at 200 Vesey Street.
Financing for the office building — known as 3 Brookfield Place — consolidates $230 million in previous loans with $65 million in new ones, according to documents filed with the city on Thursday. The new loans include a $50 million gap mortgage and another $15 million loan.
American Express owns the top half of the 52-story building, which it also occupies as its world headquarters. The tower, which was known as 3 World Financial Center until 2014, spans 1.3 million square feet. Roughly 6,000 square feet is dedicated to retail on the tower’s lower floors.
In January, Brookfield scored a $900 million loan from Citibank, Deutsche Bank and Wells Fargo to refinance another Brookfield Place building, 225 Liberty Street. The loan was the sixth largest real estate loan issued in 2016, according to an analysis by The Real Deal.
A representative for Brookfield was not immediately available for comment.
Toronto-based Brookfield is looking to sell a 49 stake in the complex, which would value it at $5 billion. The company is also considering selling its massive Putnam multifamily portfolio in Upper Manhattan and put 245 Park Avenue — a 1.8 million square foot office tower — on the market in November. Brookfield is keeping busy though, as it’s also developing the massive $8.6 billion Manhattan West mixed-use development in Hudson Yards.