Overview

Bank of China (New York Branch) provides a $119.75 million USD loan for The New York Times Building Refinancing Project

Commitments (Constant USD, 2023)$166,131,303

Commitment Year•2009Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 31, 2009

Last repayment (originally scheduled): Aug 30, 2014

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance debt associated with the The New York Times Building, a 52-story skyscraper at 620 Eighth Avenue, between 40th and 41st Streets near Times Square, on the west side of Midtown Manhattan in New York City, New York. The building is known as the office headquarters of The New York Times newspaper. The borrower had acquired the New York Times Co.'s portion (21 stories, about 750,000 square feet of rentable space) of the building in a $225 million USD 15-year sale-and-leaseback agreement with the New York Times Co. in March 2009. The BOC loan was used to partially repay borrowings under W.P. Carey's line of credit to complete that transaction. More detailed locational information can be found at https://www.openstreetmap.org/relation/1860567

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

Joint Venture/Special Purpose Vehicles

620 Eighth Lender NYT (NY) Limited Partnership
620 Eighth NYT (NY) Limited Partnership

Loan desecription

Bank of China (New York Branch) provides a $119.75 million USD loan for The New York Times Building Refinancing Project

Interest rate (t₀)•5.505%Interest type•Variable Interest RateMaturity•5 years

Collateral

The loan was secured by a first mortgage on 21 floors (about 750,000 square feet of rentable space) of the New York Times Building, a 52-story skyscraper at 620 Eighth Avenue in Manhattan, New York City, New York.

Narrative

Full Description

Project narrative

In late August 2009, the New York Branch of Bank of China (BOC) entered into a $119,750,000 USD loan agreement with 620 Eighth NYT (NY) Limited Partnership and 620 Eighth Lender NYT (NY) Limited Partnership — Delaware-incorporated special purpose vehicles (SPVs) jointly owned by American real estate investment trust W. P. Carey & Co. LLC (17.75% stake) and Maryland-incorporated Corporate Property Associates 16—Global Incorporated (27.25% stake), and Maryland-incorporated Corporate Property Associates 17—Global Incorporated (55% stake), two publicly owned, non-listed real estate investment trusts (REITs) managed by W. P. Carey — for The New York Times Building Refinancing Project. The loan carried a maturity period of five years and an annual interest rate of LIBOR plus a margin of 4.75%. The loan was secured by (i.e. collateralized against) a first mortgage on 21 stories of the New York Times Building. The proceeds were to be used by the borrower to refinance debt associated with the The New York Times Building, a 52-story skyscraper at 620 Eighth Avenue, between 40th and 41st Streets near Times Square, on the west side of Midtown Manhattan in New York City, New York. The building is known as the office headquarters of The New York Times newspaper. The borrower had acquired the New York Times Co.'s portion (21 stories, about 750,000 square feet of rentable space) of the building in a $225 million USD 15-year sale-and-leaseback agreement with the New York Times Co. in March 2009. The BOC loan was used to partially repay borrowings under W.P. Carey's line of credit to complete that transaction.