A JV led by Brookfield Property Partners + The Swig Company has secured $1.25 billion in debt from Bank of America, JPMorgan Chase, Credit Suisse, and Deutsche Bank to refinance the Grace Building at 1114 Avenue of the Americas, CO first reported. The iconic, 49-story office property spans roughly 1.6 million SF, and borders Bryant Park in Midtown.
- Financing details: The 10-year, interest-only loan carries a fixed-rate of 2.75 percent. It retired $900 million in existing CMBS debt that had been provided by Deutsche Bank in 2014. The JV was able to recoup around $320 million in equity as part of the transaction.
- Tenancy: The property is almost 95 percent occupied by a variety of 38 tenants… Office tenants include: The Trade Desk (225,000 SF), Bain & Company; Bank of America, Insight Partners, Israel Discount Bank of New York, while retail tenants include Gabriel Kreuther, Joe & the Juice, STK Steakhouse, and Sweetgreen.
- Flashback: Brookfield bought an interest in the property in 2006, a deal that was part of its $8.9 billion acquisition of office owner Trizec Properties. [CO]