The Real Deal New York

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
By Will Parker | January 03, 2019 06:06PM

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.