Brookfield Scores 3-Year Extension To Pay Figat7th Loan
Brookfield secured the three-year extension it wanted on the $58.5M outstanding on a loan secured by the Figat7th retail plaza in Downtown.
The extension of the maturity date, first reported by The Real Deal, has been in negotiations since at least the end of 2022, according to filings with the Securities and Exchange Commission.
At that time, the Brookfield entity that owns the retail center, Brookfield DTLA Fund Office Trust Investor, disclosed the lender had already given a short-term extension on the loan, originally due March 1, to April 3. Brookfield was seeking a three-year extension on the loan's maturity date, the filings said. The lender is MetLife, a Brookfield representative confirmed to Bisnow.
Figat7th was nearly 90% leased as of the end of 2022, according to SEC filings. Tenants include Target, Sephora, Nordstrom Rack, H&M and Zara.
The retail center sits next to Brookfield's new 64-story apartment tower, 777 Figueroa — a property that secures one of the loans Brookfield defaulted on earlier this year — and EY Plaza, an office tower where Brookfield has $305M in loans set to expire in October.
The latter two are also owned by Brookfield DTLA Fund Office Trust Investor. The Brookfield entity filed to delist from the New York Stock Exchange following a string of days of trading for less than $1 and also to give up certain reporting requirements listed companies must comply with.
