Brookfield secures $635M refinancing package at New York Times Building

Consortium of four lenders provided the debt

New York /
Dec.December 19, 2018 06:59 PM

Ric Clark and the New York Times Building (Credit: Getty Images)

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.


Related Articles

arrow_forward_ios
Brookfield Asset Management CEO Bruce Flatt (Brookfield, iStock)
Brookfield expects to make $25B from real estate portfolio
Brookfield expects to make $25B from real estate portfolio
Brookfield Reinsurance CEO Sachin Shah and Brookfield Property Partners CEO Brian Kingston (Brookfield)
Brookfield bets big on insurance as real estate investments ebb
Brookfield bets big on insurance as real estate investments ebb
Brookfield CEO Bruce Flatt with Sunrise at Mill Basin at 5905 Strickland Avenue (left) and Sunrise at Sheepshead Bay site at 2211 Emmons Avenue (Sunrise, Google Maps,  Todd France/Wikimedia)
Brookfield confirmed as buyer behind $664M Sunrise Senior Living deal
Brookfield confirmed as buyer behind $664M Sunrise Senior Living deal
Mill Basin Senior Living Center and Brookfield CEO Bruce Flatt (Brookfield)
Brookfield pays $31M for Brooklyn senior living facility
Brookfield pays $31M for Brooklyn senior living facility
Photo illustration of Tishman Speyer Properties President Rob Speyer and Brookfield Asset Management CEO Bruce Flatt (iStock, Getty)
Office investors Tishman Speyer, Brookfield put money where mouth is
Office investors Tishman Speyer, Brookfield put money where mouth is
Brookfield Property Partners CEO Brian Kingston and 300 Vesey Street, at far left (Brookfield)
Brookfield scores $224M refi on Battery Park office tower
Brookfield scores $224M refi on Battery Park office tower
Brookfield Asset Management’s Bruce Flatt (iStock)
Brookfield posts record FFO in Q1 — but not because of real estate
Brookfield posts record FFO in Q1 — but not because of real estate
REIT Privatization Activity Heats Up
To REIT or not to REIT
To REIT or not to REIT
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...