Bank of China contributes to a $280 million USD syndicated loan for the 180 Maiden Lane Refinancing Project

Project narrative

In November 2011, a two-bank syndicate — the Bank of China (BOC) as lead lender and CIBC Inc. as sole co-lender — entered into a $280 million USD syndicated loan agreement with an unspecified special purpose vehicle (SPV) — a joint venture between Moinian Group LLC, a privately-held real estate developer based in New York City (50.1% equity stake) and SL Green Realty Corp., a Maryland-incorporated New York Stock Exchange-listed real estate investment trust focused on Manhattan and Manhattan's largest office landlord (49.9% equity stake) — for the 180 Maiden Lane Refinancing Project. The loan carried a maturity period of five years. The loan was secured by (i.e. collateralized against) a first mortgage and assignment of related leases on 180 Maiden Lane. The proceeds were used by the borrower were used by the borrower to refinance the existing $344.2 million USD existing mortgage and mezzanine debt on 180 Maiden Lane, a 41-story, 1.1 million-square foot (102,000-square meter) Class A waterfront office tower overlooking on the East River in the Financial District in downtown Manhattan, New York City, New York, a fully-leased property that then served as the headquarters of the American International Group and its Chartis insurance subsidiary and the law firm of Stroock Stroock and Lava. The refinancing came concurrent with SL Green's acquisition of the 49.9% stake in the property. In January 2015, Blackstone Mortgage Trust provided a $247.5 million USD acquisition loan to a joint venture of MHP Realty Services and Clarion Services that was purchasing 180 Maiden Lane; the proceeds of the Blackstone Mortgage Trust were tp used to refinance the $280 million USD loan.