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Brookfield Completes $240-Mil Refinancing of Bankers Hall

NEW YORK CITY-Brookfield Properties announces its second major refinancing this year: a $240 million mortgage on an office complex it acquired last year. The company was scheduled to reopen one of its Downtown properties this morning, but the event has been postponed indefinitely.

By Glen Thompson | Updated on October 21, 2001

NEW YORK CITY-The on-again, off-again reopening of One Liberty Plaza (originally scheduled for this morning and postponed at the last minute) has managed to overshadow another significant announcement by Brookfield Properties. On Friday, the company completed a $240 million refinancing on one of its major Canadian assets.

Bankers Hall, a 2.6-million twin-tower complex in Calgary, Alberta was purchased by Brookfield last year. At the time, the mixed-use property was roughly one-third vacant. Now, with the property leased up and greatly improved, Brookfield has decided to cash in on its investment.

“When we acquired Bankers Hall it had approximately 450,000 sf of vacant space in it,” Brookfield CFO Steve Douglas tells GlobeSt.com. “We subsequently leased up virtually all of that space. We’ve increased the cash flows of the building and increased the value of the building.”

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