Narrative
Full Description
Project narrative
In late April 2017, financial close was reached on a deal in which the Bank of China entered into a $119.75 million USD loan agreement with the Moinian Group LLC — a privately-held real estate developer based in New York City — for the International Jewelry Center 2017 Refinancing Project. This loan carried a maturity period of five years and was interest-only throughout the term (a grace period of five years). The proceeds were used by the borrower to refinance an existing $116.8 million USD commercial mortgage-backed security (CMBS) loan, part of the Wachovia Bank-sponsored WBCMT 2007-C31 transaction, for 550 South Hill St., also known as the International Jewelry Center, in the Jewelry District of Downtown Los Angeles, California, which Moinian Group had acquired in 2007. The loan represented at 60% loan-to-value for the 16-story, 369,976-square foot, office property, built in 1981 that, at the time of the loan, had 405 tenants, primarily jewelry manufacturers, wholesalers, and couriers.