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	<title>The Commercial Observer &#187; Brookfield Slaps New $270 Million Loan On 4 WFC </title>
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		<title>The Commercial Observer &#187; Brookfield Slaps New $270 Million Loan On 4 WFC </title>
		<link>http://commercialobserver.com</link>
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		<title>Brookfield Slaps New $270 Million Loan On 4 WFC</title>

		<comments>http://commercialobserver.com/2012/07/brookfield-slaps-new-270-loan-on-4-wfc/#comments</comments>
		<pubDate>Fri, 27 Jul 2012 15:34:21 -0400</pubDate>
					<link>http://commercialobserver.com/2012/07/brookfield-slaps-new-270-loan-on-4-wfc/</link>
			<dc:creator>Daniel Geiger</dc:creator>
				
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		<description><![CDATA[<p><strong>Brookfield Properties has completed a $270 million refinancing of Four World Financial Center</strong>, the 1.9 million square foot office tower it owns as part of the World Financial Center Complex in Lower Manhattan.</p>
<p>The deal was done by a group of banks a source said, including <strong>Deutsche Bank</strong>, which is listed in city records as providing the loan but was part of a syndicate according to the source. The source said Deutsche Bank provided a quarter of the debt, about <strong>$68 million</strong>.</p>
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<p><div id="attachment_237020" class="wp-caption alignleft" style="width: 170px"><a href="http://www.commercialobserver.com/2012/07/brookfield-slaps-new-270-loan-on-4-wfc/four-world-financial-center/" rel="attachment wp-att-237020"><img class="size-full wp-image-237020" title="" src="http://nyocommercialobserver.files.wordpress.com/2012/07/four-world-financial-center.jpg" alt="" width="160" height="287" /></a><p class="wp-caption-text">Four World Financial Center</p></div></p>
<p>Late last year, Brookfield reached an agreement to consolidate its ownership of Four World Financial Center, <strong>buying a 49 percent interest that was held by Bank of America and its subsidiary Merrill Lynch</strong>, which is also a tenant in the building. In that deal, <strong>Brookfield agreed to pay $264 million for the bank’s stake and assume debt</strong> so that it could gain full control of the tower, whose base it is renovating as part of a sweeping makeover of the complex’s retail and public space.</p>
<p>A representative at Brookfield did not return calls seeking comment on the new loan. The mortgage accounts for less than half the roughly<strong> $634 million valuation for the building that was set in last year’s purchase</strong> of the minority interest, a conservative level of leverage that is typical of real estate investment trusts.</p>
<p>It’s not clear what Brookfield will do with any proceeds it generates from the new loan but the funds could be used to help finance the over-$200 million retail renovation, which the company is just beginning work on.</p>
<p>Brookfield is also planning to break ground this summer on a<strong> $300 million deck over working train tracks</strong> that lead into Penn Station. The platform will allow to build an up to five million square foot mixed use development - that it is calling <strong>Manhattan West</strong> - on the Far West Side.</p>
]]></description>
		<content:encoded><![CDATA[<p><strong>Brookfield Properties has completed a $270 million refinancing of Four World Financial Center</strong>, the 1.9 million square foot office tower it owns as part of the World Financial Center Complex in Lower Manhattan.</p>
<p>The deal was done by a group of banks a source said, including <strong>Deutsche Bank</strong>, which is listed in city records as providing the loan but was part of a syndicate according to the source. The source said Deutsche Bank provided a quarter of the debt, about <strong>$68 million</strong>.</p>
<p><!--more--></p>
<p><div id="attachment_237020" class="wp-caption alignleft" style="width: 170px"><a href="http://www.commercialobserver.com/2012/07/brookfield-slaps-new-270-loan-on-4-wfc/four-world-financial-center/" rel="attachment wp-att-237020"><img class="size-full wp-image-237020" title="" src="http://nyocommercialobserver.files.wordpress.com/2012/07/four-world-financial-center.jpg" alt="" width="160" height="287" /></a><p class="wp-caption-text">Four World Financial Center</p></div></p>
<p>Late last year, Brookfield reached an agreement to consolidate its ownership of Four World Financial Center, <strong>buying a 49 percent interest that was held by Bank of America and its subsidiary Merrill Lynch</strong>, which is also a tenant in the building. In that deal, <strong>Brookfield agreed to pay $264 million for the bank’s stake and assume debt</strong> so that it could gain full control of the tower, whose base it is renovating as part of a sweeping makeover of the complex’s retail and public space.</p>
<p>A representative at Brookfield did not return calls seeking comment on the new loan. The mortgage accounts for less than half the roughly<strong> $634 million valuation for the building that was set in last year’s purchase</strong> of the minority interest, a conservative level of leverage that is typical of real estate investment trusts.</p>
<p>It’s not clear what Brookfield will do with any proceeds it generates from the new loan but the funds could be used to help finance the over-$200 million retail renovation, which the company is just beginning work on.</p>
<p>Brookfield is also planning to break ground this summer on a<strong> $300 million deck over working train tracks</strong> that lead into Penn Station. The platform will allow to build an up to five million square foot mixed use development - that it is calling <strong>Manhattan West</strong> - on the Far West Side.</p>
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