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Overview

Bank of China provides a $169 million USD loan for the 295 Madison Avenue 2015 Refinancing Project

Commitments (Constant USD, 2023)$176,807,526
Commitment Year•2015Country 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
Nov 12, 2015

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance a $110 million USD loan from SL Green Realty Corp. originated in 2013 used for the acquisition of 295 Madison Avenue, a 46-story 300,000-square foot office tower located on the southeast corner of Madison and East 41st Street in Midtown Manhattan, New York City, New York and provide $59 million USD of additional financing. More detailed locational information can be found at https://www.openstreetmap.org/way/265875679

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

Private Sector

  • The Eretz Group, LLC

Loan description

Bank of China provides a $169 million USD loan for the 295 Madison Avenue 2015 Refinancing Project

Interest type•Unknown

Collateral

This loan was secured by 295 Madison Avenue. a 46-story 300,000-square foot office tower located in Midtown Manhattan, New York City, New York.

Narrative

Full Description

Project narrative

On November 12, 2015, financial close was reached on a deal in which the Bank of China (BOC) entered into a $169 million USD loan agreement with The Eretz Group, LLC — a New York-based real estate firm — for the 295 Madison Avenue 2015 Refinancing Project. This loan was secured by (i.e. collateralized against) 295 Madison Avenue. The proceeds were to be used by the borrower to refinance a $110 million USD loan from SL Green Realty Corp. originated in 2013 used for the acquisition of 295 Madison Avenue, a 46-story 300,000-square foot office tower located on the southeast corner of Madison and East 41st Street in Midtown Manhattan, New York City, New York and provide $59 million USD of additional financing. In 2018, Aarael Capital Corporation provided a $185 million USD loan to Eretz to refinance the $169 million USD BOC loan.

Staff comments

1. It is plausible, if not likely, that the specific intended borrowing institution was a special purpose vehicle subsidiary of The Eretz Group. This issue merits further investigation.