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Overview

Bank of China provides a $190 million USD loan to the Swig Company for the 633 Folsom Street 2021 Refinancing Project

Commitments (Constant USD, 2023)$175,206,911
Commitment Year•2021Country 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
Oct 1, 2021
Last repayment (originally scheduled)
Sep 29, 2028

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance the 2018 construction loan used to renovate 633 Folsom St., a fully leased, 271,000-square-foot, Class A office building in the South of Market (SoMa) of San Francisco, California, which was originally developed in 1967 and had been renovated and expanded in 2021. Its exact address is 633 Folsom St, San Francisco, CA 94107. More detailed locational information can be found at https://www.openstreetmap.org/way/93817371

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

Private Sector

  • The Swig Company, LLC

Loan desecription

Bank of China provides a $190 million USD loan to the Swig Company for the 633 Folsom Street 2021 Refinancing Project

Interest type•Fixed Interest RateMaturity•7 years

Narrative

Full Description

Project narrative

In October 2021, the Bank of China (BOC) entered into a $190 million USD loan agreement with The Swig Company, LLC — a Delaware-incorporated privately-owned real estate developer based in San Francisco, California — for the 633 Folsom Street 2021 Refinancing Project. This loan carried a maturity period of seven years and a fixed interest rate. JLL Capital Markets arranged the loan for the borrower. The proceeds were to be used by the borrower to refinance the 2018 $75 million USD construction loan from U.S. Bank used to renovate 633 Folsom St., a fully leased, 271,000-square-foot, Class A office building in the South of Market (SoMa) of San Francisco, California, which was originally developed in 1967 and had been renovated and expanded in 2021. Software company Asana occupies the entire building, its new San Francisco headquarters, and the first floor featured a 1,100-square foot retail section.

Staff comments

1. It is plausible, if not likely, that the specific borrowing institution was a special purpose vehicle subsidiary of The Swig Company, LLC. This issue merits further investigation.