Brookfield at the Qatar Investment Authority have secured a $1.9-billion refinancing for 2 Manhattan West, part of the Manhattan West mixed-use complex. The non-recourse mortgage comes with a
10-year term and a coupon of 5.53%, or a 107-basis point spread.
“This allowed us to repay the prior $1.5-billion mortgage and generate $400 million of net cash, and we continue to own the building,” Brookfield said Thursday in a quarterly earnings announcement.
The consortium of lenders on the refi included Wells Fargo Bank N.A., Bank of America N.A., Bank of Montreal, Citi Real Estate Funding Inc., German American Capital Corp., and Santander Bank, N.A.
In a presale report for the securitization stemming from the loan, Manhattan West 2026-2MW Mortgage Trust, S&P Global cited the recently delivered property’s strong leasing profile along with the outperformance of the surrounding Penn Station/Garment submarket. Citing CoStar, S&P reported, “highly accessible trophy properties near major transit hubs in Midtown Manhattan continue to outperform the overall metro.”
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