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Overview

China Construction Bank contributes to a $300 million USD syndicated loan to finance the acquisition, construction, and development of a high-rise condominium in Tribeca, New York City

Commitments (Constant USD, 2023)$52,309,919
Commitment Year•2015Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 27, 2015

Geospatial footprint

Map overview

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This project was a loan to finance the construction of a high-rise condominium building in the Tribeca neighborhood of New York City, USA. More detailed locational information can be found at: https://www.openstreetmap.org/node/158801321

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

  • China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

  • Deutsche Bank AG
  • M&T Bank Corporation

Receiving agencies

Private Sector

  • Unspecified borrower for acquisition, construction, and development of a high-rise condominium in Tribeca, New York City

Loan description

CCB contributes to $300 million USD syndicated loan to finance the acquisition, construction, and development of a high-rise condominium in Tribeca, New York City

Interest type•Unknown

Narrative

Full Description

Project narrative

On August 27, 2015, a syndicate of at least six banks — including the New York Branch of China Construction Bank Corporation (CCB), M&T Bank, and Deutsche Bank — entered into a $300 million USD syndicated A Note loan facility agreement with an unspecified borrower to finance the acquisition, construction, and development of a high-rise condominium building located in the Tribeca neighborhood of New York City, New York.

Staff comments

1. The number of lenders in this syndicated loan is unknown. However, in addition to the three named lenders, "several other banks" took part. As "several" normally refers to three or more, AidData has deduced there were at least six lenders. Therefore, to estimate CCB's contribution, AidData has assumed that each of the at least six lenders to this $300 million USD loan contributed equally ($50,000,000 USD) to the syndicate. 2. There is very little indication which condo this loan was financing, with the borrower, project name, and full syndicate unnamed in the few sources available. One potential candidate, the 70 Vestry Street Project, closed financing in August 2015, but under Bank of America with a $200 million USD loan. This issue merits further investigation.