Core Insights - Brookfield Corporation has completed a $1.25 billion refinancing of Five Manhattan West, contributing to over $28 billion in financing executed year-to-date across its global real estate portfolio [1][3]. Financing Details - The refinancing of Five Manhattan West is a five-year, 6.0% fixed-rate loan provided by a syndicate of financial institutions including Citigroup, Deutsche Bank, Societe Generale, Bank of Montreal, and JP Morgan Chase [1]. - Year-to-date, Brookfield has completed more than $28 billion in financings and $15 billion in realizations across its global real estate business [3]. Property Overview - Five Manhattan West underwent a $350 million redevelopment completed in 2017, modernizing the property with a new façade, lobby, mechanical systems, and amenities [2]. - The building is fully leased to a diverse range of global companies, including JP Morgan Chase, Amazon, Peloton, and Whole Foods [2]. Strategic Vision - The refinancing is viewed as a vote of confidence in both the asset and the vision for the Manhattan West campus, which includes three trophy office towers and a mix of dining, retail, and residential spaces [3]. - Brookfield Corporation emphasizes its ability to deliver value throughout market cycles, supported by a conservatively managed balance sheet and extensive operational experience [5].
Brookfield Completes $1.25 Billion Refinancing of Five Manhattan West