Narrative
Full Description
Project narrative
On June 10, 2010, it was announced that a syndicate of two banks — the New York Branch of the Industrial and Commercial Bank of China (ICBC) and Wells Fargo Bank, National Association — entered into a $355 million USD syndicated loan agreement with an unspecified joint venture — jointly owned by Carlyle Realty Partners V, L.P., a Delaware-incorporated real estate fund controlled by The Carlyle Group, an American multinational private equity and asset management firm publicly traded on the Nasdaq Stock Market, and Ashkenazy Acquisition Corporation, a New York City-headquartered private real estate investment firm majority owned by Israeli-born American billionaire Ben Ashkenazy — for the 650 Madison Avenue 2010 Refinancing Project. This loan was secured by (i.e. collateralized against) 650 Madison Avenue. ICBC contributed $150 million USD and Wells Fargo contributed $205 million USD to the loan syndicate. The proceeds were used by the borrower to refinance 650 Madison Avenue, a 27-story mixed-used Class A office and retail property with 595,023 square feet of space (90,000 square of retail space) located between on a full block on 59th and 60th streets in the Plaza District of Midtown Manhattan, New York City, New York. Its tenants included Polo Ralph Lauren Corp.. This was one of the largest single asset refinancing in New York since 2008 and the first time ICBC financed a large commercial real estate transaction in the United States.