Overview

China Construction Bank contributes to the $370 million USD senior mortgage tranche of a $470 million USD syndicated loan for the Wells Fargo Center 2017 Refinancing Project

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

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 1, 2017

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance the Wells Fargo Center, a twin tower skyscraper complex on Bunker Hill in downtown Los Angeles, California. More detailed locational information can be found at https://www.openstreetmap.org/way/933939612

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

Citigroup Inc.

Receiving agencies

Private Sector

Brookfield Property Partners L.P.

Loan description

China Construction Bank contributes to $470 million USD syndicated loan for the Wells Fargo Center 2017 Refinancing Project

Interest type•Unknown

Collateral

This loan was secured by the Wells Fargo Center, a twin tower skyscraper complex on Bunker Hill in downtown Los Angeles, California.

Narrative

Full Description

Project narrative

In June 2017, a syndicate of an unspecified number of banks — including the New York Branch of China Construction Bank Corporation (CCB) as Documentation Agent of the senior mortgage loan tranche and Citigroup as lead bank of the entire syndicated loan — entered into a $470 million USD syndicated loan agreement with Brookfield Property Partners L.P. — a Bermuda-headquartered commercial real estate firm that is part of Canada's Brookfield Asset Management — for the Wells Fargo Center 2017 Refinancing Project. This loan was divided into a $370 million USD senior mortgage loan tranche secured by (i.e. collateralized against) the Wells Fargo Center and two subordinated Mezzanine tranches together totaling $100 million USD. The proceeds were to be used by the borrower to refinance the Wells Fargo Center, a twin tower skyscraper complex on Bunker Hill in downtown Los Angeles, California.

Staff comments

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