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Overview

Bank of China provides a $480 million USD loan for the 1485 First Ave Refinancing Project

Commitments (Constant USD, 2023)$483,022,221
Commitment Year•2018Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2018

Geospatial footprint

Map overview

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The proceeds were used by Blackstone for the refinancing of its Upper East Side multifamily portfolio, specifically linked to 1485 First Avenue, in Manhattan, New York City, New York. More detailed locational information can be found at: https://www.openstreetmap.org/way/266901300

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

  • Blackstone Real Estate Advisor LP

Loan desecription

Bank of China provides a $480 million USD loan for the 1485 First Ave Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On January 24, 2018, financial close was reached on a deal in which Bank of China entered into a $480 million USD bilateral loan agreement with Blackstone Real Estate Advisors LP — a New York-based private equity real estate investment firm — for the refinancing and modification of existing debt on an apartment building located at 1485 First Avenue in Manhattan’s Upper East Side. The maturity of the loan was unknown, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by Blackstone for the refinancing of its Upper East Side multifamily portfolio, specifically linked to 1485 First Avenue, in Manhattan, New York City, New York. The nine-floor property was originally constructed in 1940 and contains 19 rental apartments. Blackstone acquired the building in late 2015 as part of a $690 million USD portfolio purchase of 24 rental properties, totaling 997 units, in partnership with Fairstead Capital.

Staff comments

1. It is plausible, if not likely, that the specific borrower was a special purpose vehicle subsidiary of Blackstone.