Brookfield refinancing 245 Park Avenue for $1B

Deal will give the developer more cash up front

CEO of Brookfield Property Partners Ric Clark and 245 Park Avenue
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.

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