Brookfield Locks Down Hefty Chunk Of $1B Financing For 666 Fifth Ave.
Brookfield Asset Management scored $750M from ING Bank for 666 Fifth Ave., the troubled office tower it acquired from Kushner Cos. last year.
Brookfield paid $1.3B for the 99-year ground lease on the building in August. This week, the Canadian equity giant closed the $750M mortgage from ING Bank, The Real Deal reports, which is part of a financing package of more than $1B.
Apollo Global Management is reportedly providing a mezzanine loan of at least $300M. Brookfield is planning to revamp the building, in a similar style to its repositioning at 5 Manhattan West, which is now fully leased.
The Kushners paid $1.8B for 666 Fifth Ave. in 2007 when now senior presidential adviser Jared Kushner was CEO of the company.
His father, Charles Kushner, who is in charge while his son is at the White House, said last year that buying it was based on “bad timing and bad judgment,” and that he had pushed Jared into making the deal.
At the time of the sale to Brookfield, Charles Kushner was reportedly able to negotiate with lenders to pay off less than the $1.4B that it owed on the property by admitting the building is not worth that amount.
