Overview

China Merchants Bank (New York Branch) contributes to a $237 million USD construction loan for the 121 E. 22nd St Development Project

Commitments (Constant USD, 2023)$51,700,203

Commitment Year•2016Country of Activity•United StatesDirect Recipient Country of Incorporation•UnknownOverseas Jurisdiction•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 1, 2016

Start (actual): Jul 1, 2016

End (actual): Apr 29, 2019

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 ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

China Merchants Bank Co., Ltd.

Cofinancing agencies

Private Sector

Bank of New York Mellon Corporation (BNY Mellon)
Capital One Bank (formerly Chevy Chase Bank, F.S.B.)
CIT Bank, N.A.
MUFG Union Bank, N.A. (formerly Union Bank of California, N.A.)

Receiving agencies

Joint Venture/Special Purpose Vehicles

Joint Venture between Toll Brothers Inc. and Gemdale Properties and Investments

Loan description

China Merchants Bank (New York Branch) contributes to a $237 million USD construction loan for the 121 E. 22nd St Development Project in the United States in 2016

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around December 2016, financial close was reached on a deal in which a syndicate of five lenders — including the New York Branch of China Merchants Bank — entered into a $237 million USD construction loan to a joint venture between U.S. luxury developer Toll Brothers Inc. and Gemdale Properties and Investments, an affiliate of the Chinese residential developer Gemdale Corporation, for the 121 E. 22nd St Development Project. In addition to China Merchants Bank, the Bank of New York Mellon, Capital One, MUFG Union Bank, and CIT Bank contributed to the facility. The proceeds of the facility were used to construct and develop a 133-unit luxury residential condo property located at 121 E. 22nd St., near Gramercy Park in Manhattan, New York City. The building was designed by Rem Koolhaas' firm, Office for Metropolitan Architecture (OMA). Toll Brothers first purchased the site in 2013. Excavation on the site was underway during the summer of 2016, and construction was completed around the end of April, 2019.

Staff comments

1. In addition to the five-lender syndicate above, these entities played these roles on the deal: Toll Brothers’ in-house finance team arranged the debt, and Morrison & Foerster provided legal advice to Gemdale. 2. AidData has assumed that all five lenders contributed equally to the facility ($237,000,000 / 5 = $47,400,000). This issue merits further investigation.