Brookfield and Swig land $1.3B refi of Grace Building

JPMorgan and Bank of America led 4 banks on debt package

The Grace Building (Google Maps, Brookfield, iStock)
The Grace Building (Google Maps, Brookfield, iStock)

Brookfield Property Partners and Swig Company has secured a $1.3 billion CMBS loan on their 49-story Grace Building in Midtown.

Bank of America, JPMorgan Chase, Credit Suisse and Deutsche Bank originated the 10-year refinance on the tower at 1114 Sixth Avenue, according to Commercial Observer. Bank of America and JPMorgan each took about 30 percent, while Credit Suisse and Deutsche Bank each took 20 percent, according to the report. The fixed-rate, interest-only loan was marked at 2.75 percent, the Observer reported.

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The debt replaces a $900 million CMBS loan that Deutsche Bank originated in 2014, the Observer reported.

The 1.5 million-square-foot tower is 95 percent leased to more than three dozen tenants, including Bank of America and digital marketing firm Trade Desk, which inked a lease for 95,000 square feet in 2018.[CO] — Raji Pandya