Brookfield is trying to keep a mall in downtown Los Angeles, just months after it defaulted on a $784 million loan tied to two of its office buildings. real deal Learned.

The alternative investment firm has secured a three-year deferred refinancing of a $58.5 million loan from Figat7th, a 316,000-square-foot retail center at 735 South Figueroa Street.

MetLife’s loans began in 2018 with a fixed interest rate of 3.88 percent, according to a filing with the SEC. The loan was due to mature in March, but Brookfield was granted a one-month extension while trying to secure a longer deal.

In its 2022 annual report, Brookfield said that if Brookfield fails to obtain the extension, MetLife may foreclose on the property and pursue other remedial measures.

Representatives for Brookfield confirmed the loan. MetLife declined to comment.

Brookfield built the center in 2013 next to its 777 tower — one of two buildings the investment firm defaulted on in February.

About 90% of Brookfield Mall’s annual rent of $7.3 million through the end of 2022 is leased, according to financial filings. The mall charges its tenants — which currently include Sephora, Nordstrom Rack and Target — an average of $25.60 per square foot per year.

The Brookfield extension has been a bright spot for the company’s DTLA business in recent months. After the 777 Tower and the Gas Company Tower defaulted — due to rising interest rates and high vacancy rates — the latter passed to a court-appointed receiver who has the authority to sell the property.

Brookfield also wrote down the value of its 45-story office building at 355 South Grand Avenue by $111 million due to the impact of a new transfer tax in Los Angeles, according to its annual report.

The entity that owns about 7.6 million square feet of the Brookfield DTLA office building and Figat7th also filed to delist from the New York Stock Exchange after its shares approached the exchange’s $1 minimum price requirement.

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