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$560M Bond Issuance to Refinance 1.1-MSF Tower

NEW YORK CITY-Brookfield Properties Corp. has refinanced its initial short-term construction loan at 300 Madison Ave. with a $560 million bond issuance. Completion of the 35-story office building is set for August 2003.

By Michael Gilliard | Updated on April 30, 2002

NEW YORK CITY-Owner and building manager Brookfield Properties Corp. has refinanced its initial loan at the 1.1 million sf 300 Madison Ave. building, located at 42nd St. in Midtown. This action follows a 30-year lease committal by the Canadian Imperial Bank of Commerce, which has taken the entire property for its U.S. headquarters.

According to a Brookfield Properties spokesperson, attractive U.S. treasury rates and the lease with a credit tenant contributed to the decision to refinance its initial $300 million short-term floating-rate construction loan through the securitization market.

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