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Overview

Bank of China contributes $286 million USD to a $386 million USD syndicated loan to Clipper Equity for the 77 Commercial Street Project

Commitments (Constant USD, 2023)$295,075,873
Commitment Year•2020Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2020
Last repayment (originally scheduled)
May 1, 2023

Geospatial footprint

Map overview

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The proceeds were to be used to refinance debt associated with 77 Commercial Street and to finance the construction of a 720-unit two-tower rental apartment complex located on the 2.5 acre site at 77 Commercial Street (also known as 77-87 Commercial Street) along Newtown Creek in Greenpoint, Brooklyn, New York, at the northern edge of the Greenpoint Landing project. The 811,000-square foot project consisted of 30-story 222-unit 77 Commercial Street and 40-story 298-unit 87 Commercial Street, with a shared seven-story podium between them, a 300-car parking garage below grade, and a motor courtyard entryway. It was later named the Waterview at Greenpoint. More detailed locational information can be found at https://www.openstreetmap.org/way/990635624

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

  • SL Green Realty Corp.

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Waterview Owner, LLC

Implementing agencies

Private Sector

  • CetraRuddy Architecture D.P.C.
  • Hatfield Group Engineering and Architecture, DPC
  • MPFP LLC
  • Ray Builders Inc.
  • WSP Global

Loan description

Bank of China contributes to a $386 million USD syndicated loan to Clipper Equity for the 77 Commercial Street Project

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In May 2020, a two-lender syndicate — the Bank of China (BOC) and SL Green Realty Corp. — entered into a $386 million USD construction loan agreement with Waterview Owner, LLC — a Delaware-incorporated special purpose vehicle (SPV) wholly-owned by Clipper Equity LLC, a New York-incorporated and headquartered real estate developer led by David Bistricer and Sam Levinson — for the 77 Commercial Street Project. This loan carried a maturity period of three years with two one-year extension options. BOC provided $286 million USD, SL Green provided $100 million USD, and then a related transaction an undisclosed lender provided a $25 million USD mezzanine debt portion; Iron Hound Management arranged the financing. The proceeds were to be used to refinance a $70 million USD acquisition loan SL Green provided Clipper Equity and Chetrit Group LLC for $25 million USD in 2012 (Clipper Equity bought out Chetrit in spring 2019) for the purchase of 77 Commercial Street and to finance the construction of a 720-unit two-tower rental apartment complex located at 77 Commercial Street (also known as 77-87 Commercial Street) on a 2.5 acre site along Newtown Creek in Greenpoint, Brooklyn, New York, at the northern edge of the Greenpoint Landing project. The 811,000-square foot project consisted of 30-story 222-unit 77 Commercial Street and 40-story 298-unit 87 Commercial Street, with a shared seven-story podium between them, a 300-car parking garage below grade, and a motor courtyard entryway. 77 Commercial Street included a fitness center, children's playroom, and outdoor terrace, while 87 Commercial Street included a fitness center, terrace, swimming pool with locker rooms, and library. The lower levels of the property had 25,00 square feet of retail space and a community outdoor space. 200 units of the 720 were to be affordable. CetraRuddy served as the project designer. Ray Builders Inc. served the general contractor. Hatfield Group served facade consultants, and WSP served as structural engineer. MPFP served as designer for the community outdoor space. As of September 2021, construction was to be finished in May 2022. Exterior work was nearing completion on January 2023. Exterior work was still close to completion in August 2023. In May 2024, J.P. Morgan Chase provided $430 million USD loan for the project, which retired (refinance) the $386 million USD BOC-SL Green loan.

Staff comments

1. This project is also known as the 77 Commercial Street Rental Project, 77-87 Commercial Street Rental Project, the Waterview at Greenpoint Project, and the Tower 77 Project.