Overview

Bank of China provides a $390 million USD loan for the NEMA San Francisco 2015 Refinancing Project

Commitments (Constant USD, 2023)$408,017,369

Commitment Year•2015Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 1, 2015

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to replace (refinance) construction financing from a life insurance lender for NEMA San Francisco, a two-tower 754-unit multifamily luxury apartment complex with 1.1 million square feet of space located on the corner of 10th and Market streets in San Francisco, California. Its exact address is 8 10th St, San Francisco, CA 94103. More detailed locational information can be found at https://www.openstreetmap.org/way/104441119

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 $390 million USD loan for the NEMA San Francisco 2015 Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In April 2015, the Bank of China (BOC) entered into a $390 million USD permanent loan agreement with Crescent Heights, Inc. — an American privately-held real estate development company based in Miami, Florida — for the NEMA San Francisco 2015 Refinancing Project. The proceeds were to be used by the borrower to replace (refinance) construction financing from a life insurance lender for NEMA San Francisco, a two-tower 754-unit multifamily luxury apartment complex with 1.1 million square feet of space located on the corner of 10th and Market streets in San Francisco, California. NEMA San Francisco included an outdoor saline pool and a 7,000-square foot gym and 13,500 square feet of ground-floor commercial space. It opened in 2013. In April 2019, Crescent Heights accrued $734 million USD in commercial mortgage-backed securities (CMBS) debt originated by Natixis to refinance the $390 million USD loan.

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.