Skip to content
AidData logo

Overview

Bank of China contributes $240 million USD to a $290 million USD syndicated loan for the 61 Broadway 2016 Refinancing Project

Commitments (Constant USD, 2023)$261,773,177
Commitment Year•2016Country of Activity•United StatesDirect Recipient Country of Incorporation•UnknownSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 21, 2016

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The proceeds were to be used by the borrower to refinance a $200 million USD loan from HSBC originally used by RXR in 2014 to acquire 61 Broadway, a 33-story 786,594 square foot Class A office building, also known as Adams Express Building, located at the corner of Broadway and Exchange street in the Financial District in Manhattan, New York City, New York, a tower originally constructed in 1914. More detailed locational information can be found at https://www.openstreetmap.org/way/370080143

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 ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • SL Green Realty Corp.

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Unspecified Special Purpose Vehicle (61 Broadway)

Loan description

Bank of China contributes $240 million USD to a $290 million USD syndicated loan for the 61 Broadway 2016 Refinancing Project

Interest type•Unknown

Collateral

This loan was secured by 61 Broadway, a 33-story 787,000 square foot office building located in Manhattan, New York City, New York.

Narrative

Full Description

Project narrative

On April 21, 2016, a two-bank syndicate — the Bank of China (BOC) and SL Green Realty Corp. — entered into a $290 million USD syndicated mortgage loan agreement with an unspecified special purpose vehicle (SPV) — a joint venture between RXR Realty LLC, a Delaware-incorporated New York City-headquartered real estate and infrastructure owner, investor, operator, and developer (51% equity stake) and China Orient Asset Management (International) Holding Limited (COAMCI), a Hong Kong-incorporated and based wholly-owned subsidiary of China Orient Asset Management Co., Ltd. (COAMC), a Chinese state-owned enterprise and asset company owned by China's National Social Security Fund and the Ministry of Finance (49% equity stake) — for the 61 Broadway 2016 Refinancing Project. This loan was secured by (i.e. collateralized against) 61 Broadway. This loan was divided into two tranches: a $240 million USD senior loan tranche provided solely by BOC and $50 million USD mezzanine tranche provided solely by SL Green Realty. The proceeds were to be used by the borrower to refinance a $200 million USD loan from HSBC originally used by RXR in 2014 to acquire 61 Broadway, a 33-story 786,594 square foot Class A office building, also known as Adams Express Building, located at the corner of Broadway and Exchange street in the Financial District in Manhattan, New York City, New York, a tower originally constructed in 1914. Simultaneously with the refinancing, China Orient Asset Management (International) closed a $215.6 million USD purchase agreement to acquire a 49% stake in 61 Broadway from RXR Realty LLC that it had initially signed for in December 2015. In April 2019, Aareal Bank AG and SL Green Realty Corp. provided a $325 million USD loan to refinance 61 Broadway, including the $290 million USD loan from BOC and SL Green Realty Corp..