Canadian real estate giant Brookfield Asset Management is moving to head off trouble with loans backed by office towers in Brooklyn and Denver.
This week, Brookfield disclosed that a $130M loan on 15 MetroTech Center, a 675K SF office tower on Myrtle Avenue in Brooklyn, is being transferred to special servicing ahead of its maturity date.
The CMBS on the MetroTech tower currently is not in default, and Brookfield said it's hopeful it can reach a deal to modify the loan, Bloomberg reported. Brookfield will continue to manage and lease 15 MetroTech Center.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
