Four lenders are teaming up to provide $635 million to refinance Brookfield Asset Management’s leasehold mortgage on a portion of the New York Times building, according to filings that hit city records Wednesday night.
Deutsche Bank, Bank of America, Barclays Capital Real Estate Inc. and Citi Real Estate Funding Inc. are providing the financing, which includes a $435 million gap mortgage.
The borrower is FC Eighth Ave. LLC., a former affiliate of Forest City Realty Trust, which was recently acquired by Brookfield Asset Management for $6.8 billion.
The new financing covers space on the first floor and office condos on floors 28 through 50 at 620 Eighth Avenue. It replaces a previous debt from Whiteacres Loan Acquisition LLC, which was also a subsidiary of Forest City Realty Trust.
Barclays declined to comment. Brookfield and the other lenders did not immediately return requests for comment.
The New York Times developed the property, completed in 2007, in a partnership with Forest City. The Times holds a 58 percent stake in the building; Brookfield now holds the rest.
The Times in 2009 signed a sale-leaseback agreement with investment firm W.P. Carey & Company. In February, the Times signaled that it would buy back its leasehold for $250 million in 2019, when the option goes into effect.
Update: This story has been updated to reflect the refinancing was of a leasehold mortgage.