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Overview

Bank of China provides $50.7 million USD mortgage loan to the Moinian Group for the 123 Washington Street Building Refinancing Project

Commitments (Constant USD, 2023)$55,299,584
Commitment Year•2016Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 1, 2016

Geospatial footprint

Map overview

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This project provides a mortgage loan for the W New York Downtown Hotel and Residences building located at 123 Washington Street in Lower Manhattan, New York City, New York. More detailed location information can be found at https://www.openstreetmap.org/way/278033597.

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

  • 123 Washington LLC

Loan description

Bank of China provides $50.7 million USD mortgage loan to the Moinian Group for the 123 Washington Street Building Refinancing Project

Interest type•Unknown

Collateral

This loan was collateralized against the W New York Downtown Hotel and Residences building.

Narrative

Full Description

Project narrative

In February 2016, the New York Branch of the Bank of China (BOC) provided a $50.7 million USD collateralized mortgage loan to 123 Washington LLC — a special purpose vehicle (SPV) a wholly-owned subsidiary of the Moinian Group, a large privately-held real estate developer based in New York City — for the W New York Downtown Hotel and Residences building located at 123 Washington Street in Lower Manhattan, New York City, New York. The financing will serve to re-enhance (refinancing) approximately $50 million USD in liberty bonds provided by the New York City Industrial Development Agency in 2007. The 400,000-square-foot mixed-use building was completed in 2010.