Brookfield Closes on $601M Refi From Cale Street Partners

Brookfield Properties has closed on a $601 million refinancing for its retail condo at 730 Fifth Avenue in Midtown.

London-based Cale Street Partners provided the loan, and Eastdil Secured arranged the transaction.

The lender on the original $601 million loan from 2022 was Apollo Global Management. Brookfield previously secured $720 million for the property in 2018 and $587.3 million in 2019.

Jeffrey P. Aldridge, executive vice president and head of capital markets for Brookfield’s retail business, signed the deal for Brookfield, while Alex Le Quesne, an executive with a third-party fund management firm, signed on behalf of Cale Street Partners.

PincusCo. was first to report news of the refinancing.

As of 2022, the market value of the Fifth Avenue property, known as the Crown Building, was declared by the city to be $204.9 million.

“The Crown Building remains one of the top retail locations in the world, and we are very pleased with the completion of the refinanced loan,” said Kevin McCrain, real estate managing partner for Brookfield. 

The 25-story 730 Fifth Avenue is at the corner of Fifth Avenue and 57th Street. The illustrious — and otherwise — history of the building, which was completed in 1921, includes serving as the original home of the Museum of Modern Art, and having Philippine dictator Ferdinand Marcos as its owner during the 1980s. The building, which was designated a New York City landmark in 2024, currently serves as the home of the Aman New York hotel and branded residences on the upper floors. At ground level, the building is home to luxury retailers including Bulgari, Ermenegildo Zegna, Mikimoto, Chopard and Chanel.

Cale Street Partners could not be reached for comment.

This article has been updated to include Eastdil Secured’s participation.

Larry Getlen can be reached at lgetlen@commercialobserver.com.