Brookfield refinances Magnificent Mile property with $80M loan

GGP bought the property for $140M in 2016, before being acquired by Brookfield
By Alex Nitkin |
Research by Haru Coryne
November 12, 2018 03:30PM

Brookfield’s Brian Kingston and 605 North Michigan Avenue (Credit: Google Maps)

Brookfield Asset Management refinanced a four-story Magnificent Mile retail building with an $80 million loan from Metlife.

The Toronto-based firm secured the loan Nov. 7 for the building at 605 North Michigan Avenue that’s anchored by a Sephora and a Chase Bank, according to Cook County property records.

The loan has a fixed interest rate of 4.76 percent, according to Brookfield’s third-quarter report to the SEC.

Chicago-based General Growth Properties bought the River North property in 2016 for $140 million, records show. Brookfield assumed ownership of the building when it acquired GGP in a $15 billion buyout earlier this year.

In June, Brookfield paid $27 million to buy the top half of the Macy’s building at State and Randolph streets in the Loop.

Brookfield has more than $330 billion in global assets, according to its website.

A spokesperson for Brookfield did not immediately respond to a request for comment Monday.