Narrative
Full Description
Project narrative
In October 2010, the Bank of China (BOC) entered into a $125,000,000 USD loan agreement with an unspecified special purpose vehicle — a joint venture between SL Green Realty Corp., a Maryland-incorporated New York Stock Exchange-listed real estate investment trust focused on Manhattan and Manhattan's largest office landlord (55.0% equity stake) and Canada Pension Plan Investment Board (CPPIB), a Canadian Crown (state-owned) corporation overseeing funds held by the Canada Pension Plan (45.0% equity stake) — for the 600 Lexington Avenue 2010 Refinancing Project. This loan carried a maturity period of seven years and a final maturity date in October 2017 and an interest rate based on a floating rate. This loan was secured by (i.e. collateralized against) a first mortgage on 600 Lexington Avenue and an assignment of leases related to it. The proceeds were to be used by the borrower to refinance an existing $49.85 million USD loan on 600 Lexington Avenue (also known as Manhattan Tower), a 36-story, 303,500-square foot Midtown office building in Manhattan, New York City, New York that the borrower had assumed when acquiring the property in May 2010. As of December 31, 2011, $125,000,000 USD was outstanding. As of December 31, 2012, $124,384,000 USD was outstanding. As of December 31, 2013, $120,616,000 USD was outstanding under the loan. As of December 31, 2015, $112,795,000 USD was outstanding under the loan. In December 2015, SL Green entered into an agreement to purchase CPPIB's 45% stake in 600 Lexington Avenue, including agree to assume the $114 million USD outstanding under the BOC loan. The BOC loan was off SL Green's books by December 31, 2016, so the loan may have been repaid.