WeWork has landed a $350 million loan from real estate giant Brookfield Asset Management, largely because of the uncertain state of the world, WeWork CEO Sandeep Mathrani said.
“The only reason to have drawn on the money was we sit in volatile times,” he said during the coworking company’s first quarter earnings call Thursday morning, “and my prior experience tells me that healthy facilities should be drawn on in volatile times to hold onto the cash.”
The loan’s interest rate is 5.6%, and it effectively takes care of WeWork’s capital needs for the year, Mathrani said on the call. WeWork has immediate access to the $350 million,
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