Overview

Bank of China contributes to a $600 million USD syndicated loan for the 200 Fifth Avenue 2018 Refinancing Project

Commitments (Constant USD, 2023)$201,259,259

Commitment Year•2018Country of Activity•United StatesDirect Recipient Country of Incorporation•UnknownSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 26, 2018

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance debt on 200 Fifth Avenue, a 14-story 800,000-square foot office property that formerly hosted the International Toy Center, located between West 23rd Street and West 24th Streets in NoMad of Manhattan, New York City, New York, and refinance adjacent parcel at 23 West 23rd Street. More detailed locational information can be found at https://www.openstreetmap.org/way/265038901 and https://www.openstreetmap.org/way/265038864

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

Deka Immobilien Investment GmbH

State-owned Banks

Landesbank Hessen-Thüringen (Helaba)

Receiving agencies

Joint Venture/Special Purpose Vehicles

Unspecified Special Purpose Vehicle (200 Fifth Avenue)

Loan description

Bank of China contributes to a $600 million USD syndicated loan for the 200 Fifth Avenue 2018 Refinancing Project in 2018

Interest type•Unknown

Collateral

This loan was secured by a $200 million USD gap mortgage on 200 Fifth Avenue, a 14-story 800,000-square foot office property in NoMad of Manhattan, New York City, New York.

Narrative

Full Description

Project narrative

On November 26, 2018, financial close was reached on a deal in which a three-bank syndicate — the Bank of China (BOC), Landesbank Hessen-Thüringen (Helaba), and Deka Immobilien Investment GmbH — entered into a $600,000,000 USD syndicated loan agreement with a special purpose vehicle — a joint venture between J.P. Morgan Asset Management, Inc. (JPMAM) and L&L Holding Company LLC, a privately-held real estate developer and owner — for the 200 Fifth Avenue 2018 Refinancing Project. This loan included a $200 million USD gap mortgage on 200 Fifth Avenue. The proceeds were to be used by the borrower to refinance debt on 200 Fifth Avenue, a 14-story 800,000-square foot office property that formerly hosted the International Toy Center, located between West 23rd Street and West 24th Streets in NoMad of Manhattan, New York City, New York, and refinance adjacent parcel at 23 West 23rd Street. Tenants included Tiffany & Co., Grey Advertising, and Eataly.

Staff comments

1. The individual contributions of the three lenders to this $600 million USD syndicated loan are unknown. For the time being, to estimate BOC's contribution, AidData has assumed that each lender committed equally ($200,000,000 USD) to the loan syndicate.