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Overview

Bank of China provides a $313.5 million USD loan for the 63 Madison Avenue 2016 Refinancing Project

Commitments (Constant USD, 2023)$341,941,213
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
May 18, 2016

Geospatial footprint

Map overview

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The proceeds were to be used to refinance the existing mortgage and serve as a future advance property to complete renovations at 63 Madison Avenue, a 15-story 870,000 square foot office building on the entire block between East 27th and East 28th Streets in the NoMad neighborhood in Midtown Manhattan, New York City. More detailed locational information can be found at https://www.openstreetmap.org/way/265040129

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)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Unspecified Special Purpose Vehicle (63 Madison Owner)

Loan desecription

Bank of China provides a $313.5 million USD loan for the 63 Madison Avenue 2016 Refinancing Project

Interest type•Unknown

Collateral

This loan was secured by a mortgage on 63 Madison Avenue, a 15-story 870,000 square foot office building on the entire block between East 27th and East 28th Streets in the NoMad neighborhood in Midtown Manhattan, New York City, New York.

Narrative

Full Description

Project narrative

In February 2010, the Bank of China (BOC) provided a $150 million USD loan to a special purpose vehicle — a joint venture between of George Comfort & Sons, Inc., an American real estate developer and Loeb Partners Realty LLC, a privately-held real estate company in New York City — for 63 Madison Avenue. The proceeds were to be used for 63 Madison Avenue, a 15-story 870,000 square foot office building on the entire block between East 27th and East 28th Streets in the NoMad neighborhood in Midtown Manhattan, New York City, New York that the borrower had acquired in 2004. Tenants included IBM, Greater New York Mutual Insurance Company, and CBS. Record ID#106193 captures this loan. In October 2011, BOC provided a $160 million USD loan to the special purpose vehicle for the 63 Madison Avenue 2011 Refinancing Project. The proceeds were to be used to refinance existing debt on 63 Madison Avenue. Record ID#106204 captures this loan. In February 2015, BOC provided a $152.3 million USD loan to the special purpose vehicle for the 63 Madison Avenue 2015 Refinancing Project. This loan was secured by (i.e. collateralized against) a mortgage on 63 Madison Avenue. Record ID#106205 captures this loan. On May 18, 2016, financial close was reached on a deal in which BOC entered into a $313.5 million USD loan agreement with a special purpose vehicle — a joint venture between of George Comfort & Sons, Inc., Loeb Partners Realty LLC, and Jamestown L.P, an American privately-held real estate investment manager based in Atlanta, Georgia (49% equity stake) — for the 63 Madison Avenue 2016 Refinancing Project. Jamestown had acquired a 49% stake in the property in February 2016 and the New York Life Insurance Company provided a $150 million USD refinancing in late March 2016. This loan was secured by a mortgage on 63 Madison Avenue. The proceeds were to be used to refinance the existing mortgage on 63 Madison Avenue and serve as a future advance property to complete renovations at the property. Record ID#106206 captures this loan. In December 2019, Wells Fargo Bank N.A. provided a $410 million USD loan to the joint venture to refinance 28 East 28th Street (new name of 63 Madison Avenue), replacing the $313.5 million USD BOC loan.

Staff comments

1. It is very likely this loan was used to refinance existing debt on the property, but no source stated as such.