Brookfield closes largest piece of refinancing at 666 Fifth, formerly Kushner’s crown jewel

ING is lending the Canadian investment giant $750M as it looks to revamp the office tower

New York /
Jan.January 03, 2019 06:06 PM

Ric Clark and 666 Fifth Avenue (Credit: Getty Images and Max Touhey via Curbed NY)

Brookfield Asset Management, which became the de-facto owner of Kushner Companies’ 666 Fifth Avenue last summer, has closed on a $750 million mortgage from ING Bank, records filed with city Thursday show.

The loan is the main piece of a previously reported $1 billion refinancing of the 1960s office tower, which Brookfield plans to renovate and reposition in Manhattan’s increasingly competitive leasing market.

In November, The Real Deal reported that Apollo Global Management would also be extending a $300 million mezzanine loan as a part of the final deal. A spokesperson for Brookfield did not immediately respond to a request for comment.

Kushner sold the ground lease to Brookfield last year after Kushner’s partner, Vornado Realty Trust, sold its 49.5 percent stake back to Kushner. That followed an unsuccessful search to refinance the building’s billion-dollar debt and fund an ambitious hotel-and-condominium conversion. Kushner had solicited investors like Anbang Insurance Group and Korean Investment Corporation, and in early 2017, Charles Kushner met with Qatar’s finance minister, months after Kushner’s son Jared was tapped to serve as senior adviser to incoming President Donald Trump.

Brookfield paid $1.3 billion for the ground lease in August.


Related Articles

arrow_forward_ios
Hewlett Packard Enterprise Co. CEO Antonio Neri (Unsplash; Hewlett Packard Enterprise)

Hewlett Packard Enterprise leaves Silicon Valley for Texas

Hewlett Packard Enterprise leaves Silicon Valley for Texas
Convention centers are a losing proposition for private developers, but local governments see them as a way to attract business tourism. (iStock)

Convention centers boom despite shows going virtual

Convention centers boom despite shows going virtual
Charlie Kushner and Laurent Morali with Commons at White Marsh Apartments in Maryland (Photos via Sasha Maslov and CommonsatWhiteMarsh)

Kushner looks to unload multifamily properties for $800M

Kushner looks to unload multifamily properties for $800M
Having learned from missed opportunities a decade ago, family offices are strategically looking for distress opportunities in real estate (iStock)

Family offices are gearing up to pounce on distressed real estate

Family offices are gearing up to pounce on distressed real estate
Slate Property's CEO Martin Nussbaum (West End 87)

Scale Lending originates $38M inventory loan for unsold UWS condos

Scale Lending originates $38M inventory loan for unsold UWS condos
Knotel CEO Amol Sarva (Sasha Maslov, Knotel, iStock)

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel
From left: former Vornado CFO Joseph Macnow; ; Howard Hughes Corporation CEO David O’Reilly, former Cushman & Wakefield CFO Duncan Palmer (Photos via Vornado, Howard Hughes, Cushman & Wakefield)

Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes

Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes
B6's Paul Massey and Tom Gammino (Photos via B6; Jll)

Tom Gammino joins Paul Massey’s B6

Tom Gammino joins Paul Massey’s B6
arrow_forward_ios

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

Loading...