Bank of China has provided a $313.5 million loan to Jamestown, George Comfort & Sons and Loeb Partners on an 870,000 sq ft office building in the NoMad neighborhood in Midtown, Manhattan, sources confirmed.
The loan on the 15-story, 63 Madison Avenue property will replace old debt and provide the borrowers with extra funds to complete renovations.
Previously, Bank of China provided the joint venture with a $132 million financing in March 2015, a $160 million financing in October 2011, and a $150 million financing in February 2010, property records show. Comfort & Sons and Loeb Partners purchased the property in December 2004 with a $165 million financing from German American Capital Corporation.
This February, Jamestown joined Comfort & Sons and Loeb Partners in ownership of 63 Madison Avenue, buying a 49 percent stake for about $271 million, while reportedly paying the two firms $293 million for a 49 percent stake in their 200 Madison Avenue property as well. The NoMad neighborhood gets its name from the area’s location north of Madison Square Park.
In an unrelated deal in March, Bank of China teamed up with Goldman Sachs to provide a $795 million refinancing on the Fountainebleau Miami Beach hotel in Florida; and last November the bank provided a $59 million loan on another office tower at 295 Madison Avenue to New York-based real estate firm Eretz Group.
Bank of China is the fourth largest banking institution in the world, with $2.6 trillion in assets last year, according to Relbanks. The publicly-traded bank is largely owned by the Chinese government. The bank declined to comment and the borrowers were not immediately available to comment.
Commercial Observer first reported on the new financing.