Bank of China contributes to the $280 million USD senior tranche of a $345.5 million USD syndicated loan for the Gramercy Square Project

Project narrative

On July 29, 2015, a syndicate of six lenders — including the Bank of China (BOC) — entered into a $345.5 million USD syndicated loan agreement with an unspecified borrower — a joint venture between Clipper Equity LLC, a New York-incorporated and headquartered real estate developer led by David Bistricer and Sam Levinson and Chetrit Group, LLC, a real estate developer based in New York — for Gramercy Square Project. The debt consisted of a $280 million USD senior loan and $65.5 million USD in mezzanine debt. The senior loan carried a maturity period of three years with two one-year extension options. BOC contributed to the senior debt alongside Natixis Real Estate Capital (as lead bank), Malayan Banking Berhad (Maybank), Investors Bank, and TD Bank. Apollo Commercial Real Estate Finance provided the mezzanine debt. The proceeds were used by the borrower to finance the development of 223 luxury condominium located across four buildings — 18-story The Tower at 215 East 19th Street with 130 condo apartments, The Boutique at 220 East 20th Street with nine condo apartments, 7-story The Modern at 230 East 20th Street, with 37 condos, and 9-story The Prewar at 225 East 19th Street with 48 condo apartments — connected by a 20,000 square foot private outdoor space all to be known as Gramercy Square located on 1.4 acres bounded by Third and Second Avenues and between East 19th and 20 Streets in Gramercy Park of Midtown Manhattan, New York City, New York. The site formerly housed Cabrini Medical Center at 224 to 228 East 20th Street. The borrower purchased 224 to 228 East 20th Street and 209 to 225 East 19th Street in May 2013 for $152 million USD from S.K.I. Realty. The Modern was newly constructed while the three other were existing structures redeveloped. The gardens included a central courtyard, walking paths, a common rooftop terrace with an outdoor kitchen, seating and lounge areas, and lush planting and all building included access to the Gramercy Club for residents, which included a 75-foot sky-lit pool, hot tub, sauna, steam rooms, yoga studio, a gym, children’s playroom, recreation room, media room, private dining and catering kitchen, and a lounge with garden views. Woods Bagot was the project architect. M.Paul Friedberg & Partners was responsible for the design of the gardens. The project was completed in 2019. On April 9, 2018, SL Green Realty Group. entered into a $380 million USD loan agreement with the developers to refinance the $345.5 million USD syndicated loan.