The Real Deal New York

Brookfield secures $530M loan for One Manhattan West

Wells Fargo provided the construction funding for the 67-story tower
August 01, 2018 09:37AM

One Manhattan West at 435 West 31st Street and Brookfield CEO Bruce Flatt (Credit: ManhattanWestNYC)

Brookfield Partners has secured a $530 million construction loan for One Manhattan West.

The loan, provided by Wells Fargo, includes $450 million for the construction, and an $80 million project loan, Commercial Observer reported, citing loan documents. The 67-story, 2.1 million-square-foot office tower at 401 Ninth Avenue, is one of six buildings Brookfield is developing as part of its Manhattan West megaproject.

The New York Industrial Development Agency was included alongside Brookfield in property records filed July 27.

It is the latest in a string of loans from Wells Fargo, as the bank seeks to increase its presence in New York. In June it loaned $345 million for the acquisition of the office condominium portion of 1745 Broadway and in May provided $300 million in refinancing to HFZ Capital Group and Westbrook Partners for the Belnord, at 2360 Broadway on the Upper West Side.

When complete, the Manhattan West area will include a landscaped plaza and more than 7 million square feet of residential, office and hotel space. In November, accounting conglomerate EY announced it would take over 600,000-square-feet in the building, spread over 17 floors. It will join Amazon, Accenture and JP Morgan Chase[CO] — David Jeans