Brookfield and Qatar Investment Authority secure $1.9B in refinancing for the 2 Manhattan West mixed-use tower in Midtown Manhattan.
Brookfield and the Qatar Investment Authority have finalized a $1.9-billion non-recourse mortgage to refinance 2 Manhattan West, a key component of the Manhattan West mixed-use development in New York City. The new financing, which carries a 10-year term at a 5.53% coupon, enabled the ownership group to retire an existing $1.5-billion mortgage while netting $400 million in cash.
The refinancing was supported by a lending consortium featuring Wells Fargo, Bank of America, Bank of Montreal, Citi Real Estate Funding, German American Capital, and Santander Bank. S&P Global noted the property's robust leasing performance and the strength of the surrounding Penn Station/Garment submarket, highlighting the continued resilience of trophy assets situated near major transit hubs in Midtown.
Daily emails covering the projects and news that match your service area, building types, and the project stages you bid on.
Free now — first 50 founding members lock in 30% off at launch.
Free. One click to unsubscribe. No tracking pixels.