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Overview

Bank of China provides a $187 million USD loan for the NEMA Boston 2020 Refinancing Project

Commitments (Constant USD, 2023)$192,934,225
Commitment Year•2020Country 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
Jan 1, 2020

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance $157 million USD in construction financing provided by Ullico in 2017 for NEMA Boston (also known as Metlo Boston), a 22-story, 414-unit multifamily luxury residential tower at 399 Congress Street in the Seaport District of Boston, Massachusetts. More detailed locational information can be found at https://www.openstreetmap.org/way/689967112

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

  • Crescent Heights, Inc.

Loan desecription

Bank of China provides a $187 million USD loan for the NEMA Boston 2020 Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In January 2020, the Bank of China entered into a $187 million USD loan agreement with Crescent Heights, Inc. — an American privately-held real estate development company based in Miami, Florida — for the NEMA Boston 2020 Refinancing Project. The proceeds were to be used by the borrower to refinance $157 million USD in construction financing provided by Ullico in 2017 for NEMA Boston (also known as Metlo Boston), a 22-story, 414-unit multifamily luxury residential tower at 399 Congress Street in the Seaport District of Boston, Massachusetts. NEMA Boston included 2,500 square feet of retail and lobby space on the ground floor and amenities include a garden with fire pit, a terrace with views of the Boston skyline, an outdoor rooftop movie screen, a heated rooftop plunge pool, a private game lounge, a yoga studio, and a chef’s kitchen.

Staff comments

1. It is plausible, if not likely, that the specific borrowing institution was a special purpose vehicle subsidiary of Crescent Heights, Inc. This issue merits further investigation.