Brookfield Lands $600M Loan from Four Insurance Giants
Danielle Balbi Nov. 2, 2015, 12:45 p.m.
It was a matter of life and debt.
A group of life insurance lenders including MetLife, New York Life Insurance Company, Prudential Financial and AXA Equitable Life Insurance Company originated a $600 million loan to refinance Brookfield Property Partners’ office tower at 250 Vesey Street, records filed with the city show.
The new loan, which closed on Oct. 23, replaces and nearly doubles $325 million in financing that Deutsche Bank provided to the borrower last year. With the new financing, Brookfield was able to secure an additional $275 million in debt, the loan documents show.
The 34-story tower—formerly Four World Financial Center—is part of Brookfield Place and sits between North End Avenue and West Street, immediately west of the World Trade Center site. The building contains 1.7 million square feet of office space and 78,736 square feet of retail space, according to PropertyShark.
Tenants in the building include Merrill Lynch, Bank of Nova Scotia and the College Board.
The Brookfield Place complex contains a 250,000-square-foot retail center, which opened in March, and is currently 86.2 percent occupied. The site also houses 25 restaurants, a day care, two Citibike docking stations, and an Equinox Fitness club among other amenities.
Representatives for MetLife, New York Life, Prudential and AXA did not respond to inquiries by time of publication. A Brookfield spokeswoman declined to comment.