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Overview

Bank of China contributes to $31 million USD syndicated loan to Wu Towers LLC

Commitments (Constant USD, 2023)$21,503,425
Commitment Year•2009Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 31, 2009

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)

Receiving agencies

Private Sector

  • Wu Towers LLC

Loan description

Bank of China contributes to $31 million USD syndicated loan to Wu Towers LLC

Interest type•Unknown

Narrative

Full Description

Project narrative

In second half of 2009, Bank of China (BOC) and Taiwan’s Mega International Commercial Bank Co. Ltd. (MICB) New York City branch office entered into a secured $31 million USD syndicated loan facility to Wu Towers LLC — a New York-based real estate developer. The facility is 100% secured by a 21-story luxury building in Flushing, New York City. This loan represented the first international, syndicated loan between Taiwan’s banks and the mainland’s state-owned financial institutions. An unnamed MICB executive pointed out that MICB approached the NYC branch of its designated strategic partner BOC to join in the loan syndication, marking the first deal of its kind between Taiwan’s banks and the mainland’s state-owned financial institutions.

Staff comments

1. The individual contributions of the 2 lenders to this $31 million USD syndicated facility is unknown. For the time being, AidData has estimated BOC and MICB's contributions by assuming that each lender contributed equally ($15,500,000 USD) to the loan syndicate.