Overview

ICBC provides a $115 million USD loan to Brookfield Property Partners for the Silver Spring Metro Plaza

Commitments (Constant USD, 2023)$125,432,981

Commitment Year•2016Country of Activity•United StatesDirect Recipient Country of Incorporation•BermudaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 1, 2016

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower for the benefit of the Silver Spring Metro Plaza, a suburban office and retail mixed-use property consisting of three buildings located at 8401, 8403 and 8405 Colesville Road in Silver Spring, Montgomery County, Maryland, a suburb of Washington, D.C., with a combined space of 881,000 square feet, consisting of office space of 653,000 square feet, 45,000 square feet of retail, and 173,000 square feet of parking space, located adjacent to the Silver Spring station for the Washington Metro and Maryland Area Rail Commuter systems. More detailed locational information can be found at https://www.openstreetmap.org/way/1135368520

Stakeholders

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

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

Brookfield Property Partners L.P.

Loan desecription

ICBC provides a $115 million USD loan to Brookfield Property Partners for the Silver Spring Metro Plaza

Interest type•Unknown

Collateral

This loan was secured by a mortgage on the Silver Spring Metro Plaza, a three-building suburban office and retail mixed-use property in Silver Spring, Montgomery County, Maryland.

Narrative

Full Description

Project narrative

In October 2016, the Industrial and Commercial Bank of China (ICBC) entered into a $115 million USD loan agreement with Brookfield Property Partners L.P. — a Bermuda-headquartered commercial real estate firm that is part of Canada's Brookfield Asset Management — for the Silver Spring Metro Plaza. This loan was secured by (i.e. collateralized against) a mortgage on the Silver Spring Metro Plaza. The Silver Spring Metro Plaza was a suburban office and retail mixed-use property consisting of three buildings located at 8401, 8403 and 8405 Colesville Road in Silver Spring, Montgomery County, Maryland, a suburb of Washington, D.C., with a combined space of 881,000 square feet, consisting of office space of 653,000 square feet, 45,000 square feet of retail, and 173,000 square feet of parking space, located adjacent to the Silver Spring station for the Washington Metro and Maryland Area Rail Commuter systems. 8401 is nine stories tall, 8403 is 17 stories tall, and 8405 is six stories tall. The complex includes fitness facilities, a Dunkin Donuts, a SOHO Café Market in the plaza area, a bakery, dry cleaning and shoe repair services, a car rental service, a travel agency, and a print shop. In August 2020, Landesbank Hessen–Thüringen Girozentral (Helaba) provided a $110 million USD loan to Brookfield to refinance the Silver Spring Metro Plaza, refinancing and retiring the remaining $106.6 million USD balance of the ICBC loan.

Staff comments

1. It is very likely the specific borrowing institution was a special purpose vehicle wholly-owned subsidiary of Brookfield Property Partners, although AidData has not yet found confirming information. This issue merits further investigation. 2. The specific use of the proceeds were unknown. It is plausible the ICBC loan was refinancing existing debt on the plaza.