Brookfield has secured a £138m syndicated loan from Wells Fargo to finance City trophy Moor Place, EC2.
The loan reflects a 65.4% LTV on Brookfield’s December 2014 purchase of the building for £211m.
However, a spate of leasing activity that has seen Brookfield fill the 226,000 sq ft building in the four months since acquisition has since boosted the property’s value significantly.
Wells Fargo has sold down approximately half of the loan.
Shaun Connery, a director in Wells Fargo’s UK commercial real estate team, said: “Brookfield needed a financing consistent with the short acquisition timetable, and we were confident that we could meet the deadline.”
The building was originally developed by Quadrant Estates on behalf of CarVal and BlackRock as Moorgate Exchange and completed last June.
The consortium leased a single floor in the development prior to selling it to Brookfield.
Wells Fargo’s loan funded prior to the completion of the leasing, reflecting its confidence in Brookfield’s business plan.
That confidence was immediately repaid after Brookfield agreed to lease 170,000 sq ft to WeWork last month.
The remainder of the office space is now also under offer.
Wells Fargo has previously backed Brookfield on the neighbouring London Wall Place scheme, which it is developing in joint venture with Oxford Properties.
Wells Fargo provided a £130m development loan to the jv to fund the construction of the 500,000 sq ft scheme. The loan followed a 310,000 sq ft letting to Schroders, which is due to occupy the larger of the two buildings at the development.
