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Overview

Bank of China provides a $130 million USD loan to LBA Realty for the AT&T Center

Commitments (Constant USD, 2023)$167,198,002
Commitment Year•2010Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2010

Geospatial footprint

Map overview

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The proceeds of this loan were used by the borrower to support the AT&T Center, a 32-story 452-foot (138-meter) tall Class A mixed-used office complex at the corner of 12 Street and Olive Street in South Park of Downtown Los Angeles, California. AT&T Center was later renamed South Park Center. More detailed locational information can be found at https://www.openstreetmap.org/way/491697758

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

  • LBA Realty LLC

Collateral providers

Private Sector

  • LBA Realty LLC

Loan description

Bank of China provides a $130 million USD loan to LBA Realty for the AT&T Center

Interest type•Unknown

Collateral

This loan was secured by a mortgage on the AT&T Center, an office complex in Downtown Los Angeles, California owned by LBA Realty LLC.

Narrative

Full Description

Project narrative

In or around May 2010, the Bank of China (BOC) entered into a $130 million USD mortgage loan agreement with LBA Realty LLC — a Delaware-incorporated full service real estate investment and management company headquartered in Irvine, California — for the AT&T Center. This loan was secured by (i.e. collateralized against) a mortgage on the AT&T Center. The proceeds of this loan were used by the borrower to support the AT&T Center, a 32-story 452-foot (138-meter) tall Class A mixed-used office complex at the corner of 12 Street and Olive Street in South Park of Downtown Los Angeles, California.

Staff comments

1. It is plausible, if not likely, that the specific borrowing institution was a special purpose vehicle subsidiary of LBA Realty LLC. This issue merits further investigation. 2. It is plausibly, if not likely, that the use of proceeds of this loan were used to refinance existing debt on the property.