The Real Deal New York

Brookfield gets $900M refinancing on Grace Building

Funds to pay off commercial mortgage-backed securities

May 14, 2014 12:15PM

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Brookfield CEO Dennis Friedrich and 1114 Sixth Avenue

Brookfield Office Properties secured a $900 million loan on the Grace Building.

A portion of the refinancing will help to pay off the $343.5 million in outstanding commercial mortgage-backed securities on the 49-story tower at 1114 Sixth Avenue, according to Commercial Mortgage Alert. Each of the loans is expected to mature by July.

In January, private equity and venture capital firm Insight Venture Partners signed a 31,285-square-foot lease for 15 years at 1.5 million-square-foot building, as previously reported. [Commercial Mortgage Alert]Mark Maurer


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