| Chinese money is at it again—yesterday, SL Green announced the Bank of China is refinancing 3 Columbus Circle, replacing the $250M acquisition bridge loan made with Deutsche Bank in January with a new five-year, $260M mortgage loan. |
| The new loan also has an earn-out option that increases the loan up to $300M upon achievement of certain performance thresholds. SL Green formed a JV with building owner The Moinian Group in January upon the recapitalization of the 789k SF building and has initiated an aggressive marketing program in the Class-A building to meet growing demand for large, high-quality blocks of office space in Midtown. This isn’t the only prime asset the Chinese banks have been attracted to. Last month, the New York Post reported a Chinese investor put money into 1180 Avenue of the Americas to help it avoid foreclosure. In November, the Bank of China providedBrookfield Office Properties with an $800M loan to refi 245 Park Ave, one of the largest loans originated in the downturn. And last June, the Industrial and Commercial Bank of China made its first play in the US with the $355M refinancing of 650 Madison Ave. |
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