Overview

Bank of China provides a $479 million USD loan for the Eugene 2020 Refinancing Project

Commitments (Constant USD, 2023)$494,200,500

Commitment Year•2020Country 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, 2020

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to to refinance the residential portion of the Eugene, a 62-story tower with 844 apartments and retail space on the lower four levels located at 3 Manhattan West, or 435 West 31st Street, in the Manhattan West development in Manhattan, New York City, New York. More detailed locational information can be found at https://www.openstreetmap.org/way/636863924

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

Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

Unspecified Joint Venture (Eugene at 3 Manhattan West)

Loan desecription

Bank of China provides a $479 million USD loan for the Eugene 2020 Refinancing Project

Interest type•Unknown

Collateral

This loan was secured by the residential portion of the Eugene, a 62-story tower with 844 apartments and retail space on the lower four levels located at 3 Manhattan West, or 435 West 31st Street, in the Manhattan West development in Manhattan, New York City, New York.

Narrative

Full Description

Project narrative

In January 2020, the Bank of China (BOC) entered into a $479 million USD mortgage loan agreement with an unspecified borrower — a special purpose vehicle (SPV) and joint venture between Brookfield Property Partners L.P., a Bermuda-headquartered commercial real estate firm that is part of Canada's Brookfield Asset Management and the Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar — for the Eugene 2020 Refinancing Project. This loan was secured by (i.e. collateralized against) the residential portion of Eugene at 3 Manhattan West. The proceeds were to be used by the borrower to to refinance the residential portion of the Eugene, a 62-story tower with 844 apartments and retail space on the lower four levels located at 3 Manhattan West, or 435 West 31st Street, in the Manhattan West development in Manhattan, New York City, New York, which was completed in 2017. There was $33 million USD in new financing with the loan. The tower is reportedly popular with Chinese students.