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Overview

Bank of China contributes $32.5 million USD to $65 million USD syndicated revolving credit facility to RD Branch Associates for debt financing and working capital purposes in 2005

Commitments (Constant USD, 2023)$65,140,742
Commitment Year•2005Country 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 26, 2005
Last repayment (originally scheduled)
May 25, 2010

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)

Cofinancing agencies

Private Sector

  • FleetBoston Financial (Fleet National Bank, now a part of Bank of America)

Receiving agencies

Private Sector

  • RD Absecon Associates, L.P.
  • RD Bloomfield Associates, LP
  • RD Hobson Associates, L.P.
  • RD Village Associates L.P.
  • RD Woonsocket Associates, LP

Loan description

$65 million USD syndicated revolving credit facility to RD Branch Associates for debt financing and working capital purposes in 2005

Interest rate (t₀)•4.82%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On May 26, 2005, financial close was reached on a deal in which a syndicate of 2 banks — including Bank of China — entered into a $65 million USD revolving loan agreement with RD Absecon Associates, L.P., RD Bloomfield Associates, L.P., RD Hobson Associates, L.P., RD Village Associates, L.P., and RD Woonsocket Associates, L.P., a group of Delaware-registered limited partnerships involved in real estate asset management under Acadia Property Holdings. The loan’s maturity date was June 1, 2010, and the interest rate was LIBOR plus an applicable margin of 1.3%. The proceeds were used for debt refinancing and working capital purposes to support the ongoing real estate operations and financial restructuring of the borrower partnerships. While Bank of China contributed $32,500,000 USD to this loan, the following lenders also participated: Fleet National Bank ($32,500,000 USD).

Staff comments

1. The entirety of the loan contract can be accessed at https://www.dropbox.com/scl/fi/p2lt32vseg7x2zouwyqkf/Extracted-2005.pdf?rlkey=qcpx5g6r0998xkegxzw1cntxn&st=q1h0ztg3&dl=0. 2. The borrowers — RD Absecon, Bloomfield, Hobson, Village, and Woonsocket Associates — are limited partnerships affiliated with Acadia Realty Trust, a real estate investment trust (REIT) based in Rye, New York. Acadia specializes in the acquisition, redevelopment, and management of urban retail properties and operates across major metropolitan areas in the U.S. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in May 2005 and an applicable margin of 1.3%.