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.