Overview

Bank of China provides a $60 million USD loan for the 661 Eighth Avenue 2017 Refinancing Project

Commitments (Constant USD, 2023)$63,847,583

Commitment Year•2017Country of Activity•United StatesDirect Recipient Country of Incorporation•UnknownSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2017

Last repayment (originally scheduled): Jan 1, 2020

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance a $60 million USD) note that was securitized in the commercial mortgage-backed securities market in the Wells Fargo (WFC)-sponsored WBCMT 2007-C30 maturing on January 11, 2017 for 661 Eighth Avenue, a two-story 17,667-square-foot retail building located at 661 Eighth Avenue at West 42nd Street, across the street from the Port Authority Bus Terminal in Times Square in Manhattan, New York City, New York. Its exact address is 661 Eighth Ave, New York, NY 10036. More detailed locational information can be found at https://www.openstreetmap.org/way/266034058

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

Unspecified Joint Venture (661 Eighth Avenue)

Loan description

Bank of China provides a $60 million USD loan for the 661 Eighth Avenue 2017 Refinancing Project

Interest rate (t₀)•3%Interest type•Variable Interest RateMaturity•3 years

Collateral

This loan was secured by a mortgage on 661 Eighth Avenue, a two-story 17,667-square-foot retail building located at 661 Eighth Avenue at West 42nd Street in Times Square in Manhattan, New York City, New York,

Narrative

Full Description

Project narrative

In January 2017, the Bank of China (BOC) entered into a $60 million USD mortgage loan agreement with an unspecified joint venture partnership — with owners including Wharton Properties LLC, a real estate firm in New York City led by Jeff Sutton, Crown Acquisitions, Inc. (CAI), a real estate firm headquartered in New York City, and Midtown Equities LLC, a privately-held real estate investment and development company that serves as the investment platform for the Cayre Family — for the 661 Eighth Avenue 2017 Refinancing Project. This loan carried a maturity period of three years and an interest rate based on a floating rate plus a margin (the interest rate at signing was 3%). This loan was secured by (i.e. collateralized against) a mortgage on 661 Eighth Avenue. The proceeds were to be used by the borrower to refinance a $60 million USD) note that was securitized in the commercial mortgage-backed securities market in the Wells Fargo (WFC)-sponsored WBCMT 2007-C30 maturing on January 11, 2017 for 661 Eighth Avenue, a two-story 17,667-square-foot retail building located at 661 Eighth Avenue at West 42nd Street, across the street from the Port Authority Bus Terminal in Times Square in Manhattan, New York City, New York. Duane Reade had a lease for the entirety of the property.