Brookfield Properties Secures $1.3B Refinance For 660 Fifth Avenue Office Tower In Manhattan

The asset involved in the transaction is a 39-story office tower located at 660 5th Avenue in Manhattan, encompassing a total square footage of 1,300,000. The loan amount for this refinancing transaction is $1,300,000,000.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $1,300,000,000
• Address: 660 5th Avenue
• Market: Manhattan
• Lender: Citi Real Estate, ING Capital, Barclays Bank, Bank of America, Santander Bank
• Landlord: Brian Kingston - Brookfield Properties
• Loan Type: Refinance
• Mezzanine Loan Amount: $89.4M
• Vacancy Rate in Manhattan: 13.6% as of August

The refinancing is being finalized by Brookfield Properties, represented in this transaction by Brian Kingston. The lenders include Citi, Barclays, ING, Bank of America, and Santander, who are providing the originating CMBS debt for the deal amidst a resurgence in Manhattan's office market, reflected by a significant decrease in vacancy rates.