Bank of China provides a $375 million USD loan for the 1745 Broadway 2017 Refinancing Project

Project narrative

On or around January 24, 2017, the Bank of China (BOC) entered into a $375.0 million USD loan agreement with an unspecified special purpose vehicle (SPV) — 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 (56.87% equity stake) and Canadian Crown corporation, real estate company, and pension fund Ivanhoé Cambridge Inc. (43.13% equity stake) — for the 1745 Broadway 2017 Refinancing Project. This loan carried a maturity period of three years, a final maturity date of January 2020, and an interest rate of LIBOR plus a margin of 1.85%. This loan was secured by (i.e. collateralized against) a first mortgage on the office condominium portion of 1745 Broadway and an assignment of leases related to it. The proceeds were to be used by the borrower to refinance $340 million USD debt on its interest in the office condominium portion of 1745 Broadway, a 50-story Midtown office tower also known as Random House Tower, located in Manhattan, New York City, New York, their stake comprising 685,000 square feet across floors two through 25 of the tower, with the upper half being residential condo units not owned by the borrower. Penguin Random House was the major tenant. BOC initially advanced $345 million USD to the borrower. As of December 31, 2017, the $30.0 million USD remained unadvanced. In 2018, SL Green Realty Corp. and Ivanhoé Cambridge sold their stake in 1745 Broadway, with Wells Fargo Bank providing $345 million USD loan to an institutional client of Invesco Real Estate (like refinancing the BOC loan).