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Brookfield Secures $1.8B Refi for One Manhattan West
Brookfield Property Partners (BPY) said Friday it had borrowed $1.8 billion, including $1.5 billion securitized as CMBS, to refinance One Manhattan West. It’s one of the largest single-asset, single-borrower CMBS transactions this year.
The loan was underwritten by Deutsche Bank’s German American Capital Corp., Wells Fargo, Barclays Capital Real Estate, Citi Real Estate and JPMorgan. In a presale report on the securitization, Morningstar described the newly developed office tower as “among a small group of ultra-Class A office buildings financed in the public debt markets.”
BPY also issued CAD $500 million in green bonds. With U.S. headquarters at Brookfield Place in Lower Manhattan, BPY will use proceeds toward recently completed and future green projects.
“The strong interest in both of these transactions in today’s environment is further evidence of investors’ support of BPY and their belief in the long-term durability of high-quality real estate assets,” said BPY CEO Brian Kingston.
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- ◦Financing
