Bank of China provides a $260 million USD loan for the 3 Columbus Circle 2011 Refinancing Project

Project narrative

On April 12, 2011, it was announced that the Bank of China (BOC) entered into a $260.0 million USD mortgage loan agreement with 3 Columbus Circle LLC — a Delaware-incorporated special purpose vehicle (SPV) and joint venture between Moinian Group LLC, a privately-held real estate developer based in New York City (51.1% equity stake) and SL Green Realty Corp., a Maryland-incorporated New York Stock Exchange-listed real estate investment trust focused on Manhattan and Manhattan's largest office landlord (48.9% equity stake) — for the 3 Columbus Circle 2011 Refinancing Project. This loan carried a maturity period of five years, a final maturity date in April 2016, and an interest rate of 30-day (one-month) LIBOR plus a margin of 210 basis points (bps). This loan carried an earn-out option to increase the loan up to $300 million USD upon achievement of certain performance thresholds. This loan was secured by (i.e. collateralized) against a mortgage on 3 Columbus Circle and assignment of leases charged by 3 Columbus Circle LLC. The proceeds were used by the borrower to refinance and repay a $250 million USD acquisition bridge loan provided by SL Green and Deutsche in January 2011 to support SL Green's acquisition of a 48.9% stake in 3 Columbus Circle, a 26-story, 768,565-square foot Class-A office tower located at 1775 Broadway, occupying the entire block between Broadway and Eighth Avenue and between 57th and 58th streets, overlooking Columbus Circle and the southwest entrance to Central Park in Manhattan, New York City, New York. As of December 31, 2011, $254,896,000 USD was outstanding under the loan. In March 2015, lenders entered into a $350 million USD loan agreement with 3 Columbus Circle LLC to refinance the $260 million USD loan from BOC.