Overview

Bank of China provides a $450 million USD loan for the 1411 Broadway Office Refinancing Project

Commitments (Constant USD, 2023)$464,280,220

Commitment Year•2020Country of Activity•United StatesDirect Recipient Country of Incorporation•UnknownSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 1, 2020

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance prior debt for 1411 Broadway is a 40-story 1.2 million-square foot office tower in the Garment District in Midtown Manhattan. Its exact address is 1411 Broadway, New York, NY, 10018. More detailed locational information can be found at https://www.openstreetmap.org/way/159837290

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)

Receiving agencies

Joint Venture/Special Purpose Vehicles

Unspecified Special Purpose Vehicle (1411 Broadway)

Loan desecription

Bank of China provides a $450 million USD loan for the 1411 Broadway Office Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In early March 2020, the Bank of China (BOC) entered into a $450 million USD loan agreement with an unspecified special purpose vehicle — jointly owned by Canadian Crown corporation, real estate company, and pension fund Ivanhoé Cambridge Inc. (49.9% stake) and San Francisco-based privately-owned real estate developer The Swig Company, LLC (50.1% stake) — for the 1411 Broadway Office Refinancing Project. The loan included a $35 million USD gap loan. The proceeds were to be used by the borrower to refinance prior debt provided by HSBC when Ivanhoé Cambridge acquired a 49.9% stake in the building from Blackstone. 1411 Broadway is a 40-story 1.2 million-square foot office tower in the Garment District in Midtown Manhattan. Ivanhoé, Callahan Capital, Swig borrow $450M from Bank of China for 1411 Broadway in Garment District; The pension fund Ivanhoé Cambridge, Callahan Capital Properties and Swig Company through the entity.

Staff comments

1. Chicago-headquartered real estate private equity firm Callahan Capital Properties LLC (CCP) was involved in the deal as partner for U.S. business for Ivanhoé Cambridge, which owns it.