Narrative
Full Description
Project narrative
On April 27, 2015, the Industrial and Commercial Bank of China USA NA (ICBC) entered into a $7,405,137.00 USD secured building loan agreement, a $80,000,000.00 USD secured acquisition loan agreement, and a $12,594,863.00 USD project loan agreement with 130W42 TRS LLC and 130W42 OPCO LLC — Delaware-incorporated special purpose vehicles (SPVs) jointly owned by Vanke Holdings USA LLC, the Delaware-incorporated U.S. subsidiary of Hong Kong-incorporated Vanke Property (Hong Kong) Company Limited, a wholly-owned subsidiary of Chinese residential property developer Vanke Co., Ltd. (majority owner) and by privately-held New York-based real estate firm Tribeca Associates, LLC (minority owner) — for the Bush Tower Acquisition and Refinancing Project. The project loan was secured by (i.e. collateralized against) a building mortgage and assignment of leases and rents on Bush Tower in a security agreement. The acquisition loan was secured by a first mortgage lien and an assignment of leases and rents on Bush Tower under a security agreement. The project loan was secured by a project mortgage and an assignment of leases and rents on Bush Tower under a security agreement. Record ID#107928 captures the building loan. Record ID#107929 captures the acquisition loan. Record ID#107930 captures the project loan. The proceeds of these loans were used to refinance existing debt on and facilitate, in the case of the acquisition loan, Vanke's acquisition of a majority stake in Bush Tower, a 29-story landmarked tower with 251,000 rentable square feet of office space on a 50-foot wide lot at 130 West 42nd Street between Broadway and Avenue of the Americas in Manhattan, New York City, New York. In May 2018, United Overseas Bank Limited entered into a $120 million USD loan agreement with 130W42 TRS LLC and 130W42 OPCO LLC, the proceeds of which were used to refinance the existing ICBC loans.
Staff comments
1. 130W42 TRS LLC and 130W42 OPCO LLC are collectively referred to as the mortgager, and it is said the mortgager entered into the facilities agreement. It is unclear which one of the two was the borrower or if it was both. For the time Being, AidData assumes both were borrowers. 2. The 2015 mortgage agreement is accessible here: https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentImageView?doc_id=2015051501446003. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/930bmc25mmsybzq1s8mqg/Source_ID_217399.pdf?rlkey=46lpfuzlx2diq3tovej5g7emq&st=3xjwgsmb&dl=0