Barclays Center Refinanced
Brooklyn Nets owner Mikhail Prokhorov began to tackle the Barclays Center ’s debt by refinancing the arena and saving $90 million.
Photo: SHoP Architects
Prokhorov, a Russian-born billionaire, refinanced nearly $500 million of debt issued in 2009 by taking advantage of lower interest rates in the U.S. municipal bond market.
Bloomberg reports the bonds are backed by payments in lieu of taxes and were issued by the Brooklyn Arena Local Development Corporation.
The 17,732-seat arena is also home to NHL’s New York Islanders.
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