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Overview

Bank of China contributes to the senior mortgage tranche of a $375 million USD syndicated loan for the 70 Pine Street 2017 Refinancing Project

Commitments (Constant USD, 2023)$159,618,957
Commitment Year•2017Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2017

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance a $300 million USD existing construction mortgage used for the conversion of 70 Pine Street from an office building to a luxury rental/mixed use building; 70 Pine Street was 66-story 952-foot tall Art Deco luxury apartment rental/mixed-use tower with 1 million-square feet of space located on Pine Street with 644 residential units, a wellness center, business center, clubhouse, children's playroom, media room, a 132-room 119,000 square foot extended-stay hotel on floors three through six, and 35,000 square feet of retail space in the Lower Financial District of Manhattan, New York City, New York. Its exact address is 70 Pine Street, New York, NY, 10270. More detailed locational information can be found at https://www.openstreetmap.org/way/278069587

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)

Cofinancing agencies

Private Sector

  • Brookfield Real Estate Financial Partners LLC (BREF Partners)
  • ING Group N.V.

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • EBNB 70 Pine Owner LLC

Loan description

Bank of China contributes to $375 million USD syndicated loan for the 70 Pine Street 2017 Refinancing Project

Interest type•Variable Interest Rate

Collateral

This loan was secured by a mortgage on 70 Pine Street, a 66-story luxury apartment rental/mixed-used tower in the Lower Financial District of Manhattan, New York City, New York.

Narrative

Full Description

Project narrative

In May 2017, a syndicate of at least three lenders — the Bank of China (BOC), Brookfield Real Estate Financial Partners LLC as lead lender, and ING Group N.V. — entered into a $375 million USD syndicated loan agreement with EBNB 70 Pine Owner LLC — a Delaware-incorporated special purpose vehicle (SPV) and joint venture between DTH Capital Inc., a real estate developer backed by Luxembourg-based family holding company Eastbridge Group and by AG Real Estate, a wholly owned subsidiary of AG Insurance S.A., a Belgian insurance company Ageas (majority owner) and Rose Associates, Inc., a family-owned real estate developer and owner in New York (minority owner) — for the 70 Pine Street 2017 Refinancing Project. This loan was divided into a senior mortgage loan tranche reportedly worth over $300 million USD provided by BOC and ING Group (albeit with plans to syndicate it) and a subordinate mezzanine loan tranche provided by Brookfield. This loan carried an interest rate based on a floating rate. The senior mortgage tranche was secured by (i.e. collateralized against) a mortgage on 70 Pine Street. The proceeds were to be used by the borrower to refinance a $300 million USD existing construction mortgage used for the conversion of 70 Pine Street from an office building to a luxury rental/mixed use building; 70 Pine Street was 66-story 952-foot tall Art Deco luxury apartment rental/mixed-use tower with 1 million-square feet of space located on Pine Street with 644 residential units, a wellness center, business center, clubhouse, children's playroom, media room, a 132-room 119,000 square foot extended-stay hotel on floors three through six, and 35,000 square feet of retail space in the Lower Financial District of Manhattan, New York City, New York. In September 2019, Goldman Sachs entered into a $386 million USD loan agreement with EBNB 70 Pine Owner LLC to refinance the $375 million USD syndicated loan from 2017.

Staff comments

1. AidData has assumed the senior mortgage tranche, which was valued at above $300 million USD, was worth $300 million USD. The individual contributions of the two lenders to this tranche are unknown. Therefore, to estimate BOC's contribution, AidData has assumed that each lender contributed equally ($150,000,000 USD) to the loan syndicate.