Brookfield Property Partners, listed on the Nasdaq Stock Market and the Toronto Stock Exchange, has completed $2.2 billion financings in two transactions.
The company said in a press release, it has issued CAD $500 million in 5-year medium-term notes at a fixed rate of 3.93% for recently completed and future green projects.
In addition, Brookfield Property Partner has borrowed USD $1.8 billion of total debt at a weighted average coupon of 2.95% to refinance the recently completed One Manhattan West, a new 67-story office building in New York.
Brookfield said $1.5 billion of the mortgage debt was securitized and distributed in the CMBS market, and $300 million was structured as mezzanine debt.”The mortgage debt is backed by a senior loan on One Manhattan West office tower and backs one of the largest single-asset, single-borrower CMBS transactions issued in 2020.”
“The strong interest in both of these transactions in today’s environment is further evidence of investors’ support of BPY and their belief in the long-term durability of high-quality real estate assets,” said Brian Kingston, Chief Executive Officer of Brookfield Property Partners.