Brookfield turns to Apollo Global for financing on 666 Fifth Avenue
$300M-plus mezz loan is part of $1B financing package
Private equity company Apollo Global Management is funding Brookfield Property Partners’ redevelopment of 666 Fifth Avenue with a $300 million-plus mezzanine loan, sources told The Real Deal.
The loan is part of a $1 billion-plus financing package. Commercial Mortgage Alert reported last month that Brookfield is in talks for a $750 million senior loan from a group of banks including ING and Citigroup.
Brookfield leased the tower from Kushner Companies for 99 years in August and secured an option to buy the land under the building as well. It plans to renovate the property.
“We think the strategy for that building to enhance value is right up our alley, it’s something that we’ve done multiple times,” the company’s chairman Ric Clark told TRD in May.
Apollo declined to comment and Brookfield did not immediately respond to a request for comment.
Kushner’s de-facto sale of the property to Brookfield ended a yearslong search for investors. At one point, Kushner planned to tear down the office building and replace it with a retail and condo tower and held talks with Anbang Insurance Group about a potential investment.