The new, New York Times building
Brookfield Asset Management has secured a $635 million loan from Deutsche Bank, Bank of America, Barclays Capital Real Estate, and Citi Real Estate Funding to refinance their portion of the New York Times building, according to TRD. The property at 620 Eighth Avenue was previously owned by Forest City before its recent sale to Brookfield.
Dig Deeper: The new financing covers space on the first floor and office condos on floors 28 through 50. It replaces a previous mortgage provided by Whiteacres Loan Acquisition LLC, a subsidiary of Forest City.
Be Smart: The New York Times developed the property in partnership with Forest City in 2007. Brookfield holds a 42 percent stake in the building with the Times holding the rest. The publishing company plans to exercise its right to buy back the leasehold from W.P. Carey for $250 million next year.