Bank of China contributes to a $415 million USD syndicated loan for the 601 W. 29th Street Project

Project narrative

On June 6, 2019, it was announced that a syndicate of five banks — including the Bank of China (BOC) — entered into a $415 million USD syndicated construction loan agreement with an unspecified special purpose vehicle — a joint venture between Douglaston Development LLC and real estate private equity funds managed by affiliates of Ares Management Corporation, a Delaware-incorporated Los Angeles-headquartered American alternative investment manager and private equity firm — for the 601 W. 29th Street Project. In addition to BOC, the following lenders contributed to the loan: HSBC Bank, Landesbank Hessen-Thüringen (Helaba), Santander Bank, N.A., and Raymond James Bank. HSBC Served as lead bank, with BOC and Helaba as co-lenders and Santander and Raymond James as participants. The proceeds were to be used by the borrower to finance a 58-story 695-foot tall 931-unit luxury mixed-use residential skyscraper development at 601 W. 29th Street (also known as 311 Eleventh Avenue), spanning the full block on 11th Avenue between 29th and 30th Streets on the Far West Side, adjacent to the High Line, at the crossroads of the West Chelsea and Hudson Yards in Manhattan, New York City, New York. The development included 50,000-square feet of amenities including a fitness center, multiple outdoor terraces, a pool, private cabanas, resident lounges, a pet lounge, 186 parking spaces, and 15,000 square feet of Class-A retail space. The 931 residential units were divided into 697 market rate units and 234 units reserved for residents earning an average of 60% of the area median income. The development was later renamed as 3ELEVEN. The project was designed by FXCollaborative LLP (formerly FXFowle Architects). Levine Builders served as the contractor. ES Windows supplied the glass curtain wall for the tower. In June 2018, the City Council of New York approved plans for the tower. In November 2018, Douglaston Development signed a 99-year ground lease for the site. As of June 6, 2019, demolition and site work had already begun, with an expected opening in late 2022.Construction was completed in December 2023. In August 2024, Goldman Sachs and Wells Fargo entered into a $560 million USD syndicated loan with the joint venture to refinance the $415 million USD loan for 3ELEVEN.