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Brookfield Readies $1.25B Refi of 5 Manhattan West

In the second large Manhattan office refinancing to be announced this week, Brookfield is readying a $1.25-billion refi on 5 Manhattan West, its fully leased office property at 450 W. 33rd St. on Manhattan’s Far West Side, according to published reports. Kroll Bond Rating Agency reported that the financing includes a $985-million, five-year fixed-rate mortgage.

The fixed-rate securitized mortgage is led by Citi Real Estate Funding, Bank of Montreal, Deutsche Bank, JPMorgan Chase and Société Générale. It is divided into $320 million of senior A notes and $665 million of junior B notes, with another $265 million of CMBS transactions anticipated.

Brookfield acquired the property in 2011 and put $350 million into renovations. It’s fully occupied today, with Amazon and JPMorgan Chase among its tenants.

The 5 Manhattan West refi comes on the heels of news that SL Green Realty Corp. and PGIM Real Estate were close to finalizing a $1.4-billion financing on 11 Madison Ave.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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