Overview

Bank of China provides a $498 million USD loan for the 335 Madison Avenue 2013 Refinancing Project

Commitments (Constant USD, 2023)$514,917,703

Commitment Year•2013Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 11, 2013

Geospatial footprint

Map overview

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This project provided a loan to refinance a 2003 securitized loan and to provide $285 million USD in new funds for 335 Madison Avenue, a 1.1 million-square foot large Midtown office tower located between between 43rd and 44th streets. More detailed locational information can be found at https://www.openstreetmap.org/way/266010414.

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

335 Madison Avenue LLC

Loan desecription

Bank of China provides a $498 million USD loan for the 335 Madison Avenue 2013 Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On April 11, 2013, the New York Branch of the Bank of China (BOC) entered into a $498 million USD loan agreement with 335 Madison Avenue LLC — a Delaware-incorporated special purpose vehicle (SPV) and a wholly-owned subsidiary of Milstein Properties Corp., a family-owned real estate investment firm headquartered in New York City — for the 335 Madison Avenue 2013 Refinancing Project. This loan was secured by (i.e. collateralized against) 335 Madison Avenue. The proceeds were to be used by the borrower to refinance a 2003 securitized loan and to provide $285 million USD in new funds for 335 Madison Avenue, a 1.1 million-square foot large Midtown office tower located between between 43rd and 44th streets. In July 2019, it was reported that a division of Brookfield Property Partners LP was in advanced talks to provide a $750 million USD loan to Milstein to refinance the $498 million USD BOC loan for 335 Madison Avenue. BREF V Series B LLC ultimately lent $650 million USD to 335 Madison Avenue LLC in a deal that closed on October 18, 2019.

Staff comments

1. AidData assumes the affiliate borrower was 335 Madison Avenue LLC, which borrowed the refinancing loan in 2019 and was a special purpose vehicle specifically for this project.