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Brookfield: $800M for 245 Park Ave Isn’t Enough

Brookfield: $800M for 245 Park Ave Isn’t Enough

Brookfield Property Partners is looking to up the amount on its loan from the Bank of China for 245 Park Ave. It has an $800M loan now, and Brookfield’s looking to make it an even $1B. The deal’s due to close later this month. LTV will stay below 50%, even with the $200M boost, according to the Commercial Observer. Brookfield and the Bank of China go back a ways: In 2010, the bank did the biggest loan ever by a Chinese bank’s NYC branch to refi Brookfield’s Park Avenue Tower. [CO]