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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