Debt backing Brookfield’s piece of NYT Building hits special servicing
The debt tied to Brookfield Asset Management’s portion of the New York Times Building is going the way of special servicing, but the fine print suggests not all is lost for the owner. The $515 million commercial mortgage-backed securities mortgage went to special servicing ahead of next month’s maturity, the Commercial Observer reported. The move was disclosed by Morningstar Credit on Monday. The transfer request was made by Brookfield, which owns the upper half of the 52-story, 1.5 million-square-foot office tower at 620 Eighth Avenue. Floors 29 to 51 span approximately 740,000 square feet and secure the debt in question. […]
This article originally appeared on The Real Deal. Click here to read the full story.
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