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Overview

Bank of China provides a $234 million USD loan to finance the acquisition of the Putnam Portfolio

Commitments (Constant USD, 2023)$239,979,444
Commitment Year•2014Country 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
Nov 1, 2014
Start (actual)
Oct 22, 2014
End (actual)
Oct 22, 2014

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to finance the $1.04 billion USD purchase of the Putnam Portfolio, a 3,962 apartment 24-building six-property multifamily portfolio located in Upper Manhattan and Roosevelt Island in New York City, New York, consisting of the following properties: 3333 Broadway, a property with 1,193 units, three commercial units, and 380 parking spaces; Roosevelt Landings at 510-580 Main St., a property with 1,003 apartments on Roosevelt Island; River Crossing at 1940-1966 First Avenue and 420 East 102nd Street, a property with 761 apartments, 11 commercial spaces, and 271 parking spaces; The Heritage at 1295 Fifth Avenue, 1309 Fifth Avenue and 1660 Madison Avenue, a property with 600 apartments, three commercial units, 160 parking spaces, and a development site; The Miles at 1990 Lexington Avenue, a property with 341 apartments, three commercial units and 21 parking spaces; and The Parker at 1890 Lexington Avenue, a property with 64 apartments and 18 parking spaces. More detailed locational information can be found at https://www.openstreetmap.org/way/284880004 and https://www.openstreetmap.org/way/271209710 and https://www.openstreetmap.org/way/271209703 and https://www.openstreetmap.org/way/266923901 and https://www.openstreetmap.org/way/762409943 and https://www.openstreetmap.org/way/271607006 and https://www.openstreetmap.org/way/265796869 and https://www.openstreetmap.org/relation/3629576

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)

Cofinancing agencies

Private Sector

  • Flagstar Financial, Inc. (FLG) (formerly New York Community Bank)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Unspecified Joint Venture (The Putnam Portfolio)

Loan desecription

Bank of China provides a $234 million USD loan to finance the acquisition of the Putnam Portfolio

Interest type•Unknown

Collateral

This loan was secured by a mortgage against properties in the Putnam Portfolio.

Narrative

Full Description

Project narrative

In or around November 2014, the Bank of China (BOC) provided a $234 million USD loan an unspecified joint venture — jointly owned by Brookfield Property Partners L.P., a Bermuda-headquartered commercial real estate firm that is part of Canada's Brookfield Asset Management (93% equity stake) and Urban American Management, LLC, a New Jersey-based real estate investment firm (7% equity stake) — to finance the acquisition of the Putnam Portfolio. This loan was secured by (i.e. collateralized against) a mortgage against properties in the Putnam Portfolio. In addition to BOC, New York Community Bank provided a $507 million USD for a total of $741 million USD in acquisition financing. Between BOC and New York Community Bank, there were six separate mortgages. Meridian Capital Group arranged the financing. The proceeds were to be used by the borrower to finance the $1.04 billion USD purchase (via, in part, a refinancing of a $800 million USD mortgage loan from Fannie Mae) of the Putnam Portfolio, a 3,962 apartment 24-building six-property multifamily portfolio located in Upper Manhattan and Roosevelt Island in New York City, New York, consisting of the following properties: 3333 Broadway, a property with 1,193 units, three commercial units, and 380 parking spaces; Roosevelt Landings at 510-580 Main St., a property with 1,003 apartments on Roosevelt Island; River Crossing at 1940-1966 First Avenue and 420 East 102nd Street, a property with 761 apartments, 11 commercial spaces, and 271 parking spaces; The Heritage at 1295 Fifth Avenue, 1309 Fifth Avenue and 1660 Madison Avenue, a property with 600 apartments, three commercial units, 160 parking spaces, and a development site; The Miles at 1990 Lexington Avenue, a property with 341 apartments, three commercial units and 21 parking spaces; and The Parker at 1890 Lexington Avenue, a property with 64 apartments and 18 parking spaces. Urban American and partners were the vendors, with the deal allowing it to retain a ownership stake and day-to-day property managership. The acquisition agreement was signed in July 2014. The acquisition was completed on October 22, 2014. In July 2017, a syndicate of lenders including Wells Fargo and New York Community Bank entered into a $714.7 million USD loan with the joint venture to refinance the existing debt.