Narrative
Full Description
Project narrative
Sometime between June 20, 2016 and August 4, 2016, a syndicate of three banks — the Industrial and Commercial Bank of China (ICBC), Wells Fargo Bank, and Royal Bank of Canada (RBC) — entered into a $425 million USD syndicated loan agreement with Brookfield Property Partners L.P. — a Bermuda-headquartered commercial real estate firm that is part of Canada's Brookfield Asset Management — to refinance three of its owned office buildings in Houston. This loan carried a maturity period of three years and an interest rate based on LIBOR plus a margin of 3.0%. The proceeds were used by the borrower to refinance three of its owned office buildings in Houston, Texas: One Allen Center, a 452-foot tall skyscraper; Three Allen Center, 685-foot tall skyscraper; and 1600 Smith Street, a 51-story 732-foot tall tower.
Staff comments
1. It is plausible, if not likely, that the specific borrowing institution was a special purpose vehicle subsidiary of Brookfield Property Partners L.P.. 2. The individual contributions of the three lenders to this $425 million USD syndicated loan are unknown. For the time being, AidData has estimated ICBC's contribution by assuming that each lender contributed equally ($141,666,666.667 USD) to the loan syndicate. 3. The precise signing date is unknown, except that it was in summer 2016 and before August 4, 2016. Therefore, AidData has coded August 4, 2016 as the commitment date and marked the commitment_date_estimated? field as True.