Brookfield won't refinance $360M Beaudry loan, Bisnow reports
Bisnow, citing the Wall Street Journal, reports Brookfield will not refinance the $360M loan on its 785-unit Beaudry tower in downtown Los Angeles.
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Bisnow, citing the Wall Street Journal, reports that Brookfield has told its lender it will not refinance the $360M loan on The Beaudry, a 64-story apartment tower in downtown Los Angeles, and will walk away from the property.
Why it matters
The Beaudry opened in 2023 and is reportedly nearly full, so this is not an empty-building story. Per the report, the issue is the cost of refinancing at today’s interest rates, which sources told the Journal would have meant tens of millions of dollars in additional costs. Brookfield has also given up several downtown office properties on loan defaults, according to Bisnow, and sold the FIGat7th retail center the tower overlooks in the spring. A Brookfield spokeswoman told the Journal the decision “reflects entrenched market challenges facing downtown Los Angeles.”
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The numbers
- Loan: $360M, per the Wall Street Journal as relayed by Bisnow.
- Lender: Bridge Investment Group, which is owned by Apollo, and which is reportedly trying to sell the loan.
- Size: 785 apartments in 64 stories, opened in 2023.
- Occupancy: about 95%, per the report.
- Rents: reported at about $4,200 a month, high for downtown but well below what Brookfield had targeted, per Bisnow.
These figures come from the outlet reports. We searched for a recorded deed, notice of default or loan assignment tied to the property and found none, so no transfer of title is confirmed.
What’s next
Watch for a recorded deed in lieu of foreclosure or a notice of default with the Los Angeles County Registrar-Recorder, and for a sale of the loan by the lender. Either would be the first public record of how the handback is done. Until one appears, treat the handback as reported intent rather than a completed transfer. More downtown deals are tracked on the Los Angeles market page.
More in Foreclosure & Distress News.
Quick answers
- What is the latest on Brookfield in Los Angeles?
- Bisnow, citing the Wall Street Journal, reports Brookfield will not refinance the $360M loan on its 785-unit Beaudry tower in downtown Los Angeles.
- What are the key numbers for Brookfield?
- loan Brookfield will not refinance (per WSJ via Bisnow): $360M; apartments in the 64-story tower: 785; reported occupancy: ~95%; reported monthly rent: $4,200.
- Where does the information on Brookfield come from?
- The story cites Bisnow.
Sources
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