Kushners’ troubled CMBS-financed tower finds hope in Brookfield

CMBS bondholders and commercial real estate lenders are exhaling with relief following news that Brookfield Asset Management closed a lease on 666 Fifth Avenue, which is currently owned by Kushner Companies. Brookfield will pay upfront for the lease, helping Kushner Companies pay off more than $1bn in CMBS debt that helped finance the building’s acquisition in 2007.

  • By Alexander Saeedy
  • 06 Aug 2018

The Wall Street Journal reported late last Friday that Kushner Companies closed on a 99-year lease with Brookfield Asset Management for 666 Fifth Avenue, a property it bought at the peak of US real estate bubble but that has struggled since the market turned in 2008.

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