Brookfield borrows $1.4B from Wells Fargo, NYC IDA for construction of 2 Manhattan West tower in Hudson Yards

Brookfield Property Partners through the entity BOP SE LLC as borrower signed a loan agreement with lender Wells Fargo and the NYC Industrial Development Agency valued at $1.419 billion for 2 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 389 9th Avenue, Na West 31st Street for the construction of 2 Manhattan West in Hudson Yards. The deal closed on February 7, 2020 and was recorded on February 19, 2020.

The debt package was composed of: $25 million fee and leasehold Pilot Mortgage No. 1; $462 million Pilot Mortgage No. 2; $462 million Pilot Mortgage No. 3; $247.8 million amended and restated senior loan mortgage; $127 million building loan; $95 million project loan. Brookfield was reportedly in the market for $1.4 billion in financing for the tower, expected to cost $2.4 billion, The Real Deal reported.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $2,000,000.There has been one new building permit application totaling 1,824,452 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link