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Bank of China Lends $120M for Net-Leased HQ

NEW YORK CITY-The non-recourse loan goes toward debt financing of W.P. Carey & Co.'s acquisition of the New York Times headquarters.

By Michelle Napoli | Updated on September 10, 2009

NEW YORK CITY-W.P. Carey & Co. has landed a nearly $120-million debt financing for the New York Times headquarters here, which it bought earlier this year in an all-cash transaction.

The New York branch of the Bank of China provided the non-recourse loan. Terms were not disclosed. “Despite the fact that a large number of lenders remain on the sidelines, especially for loans over $50 million, we continue to see strong interest for loans on high-quality properties that are owned by strong, experienced sponsors,” says Steve Kohn, president of Cushman & Wakefield Sonnenblick Goldman, in an announcement. The firm was the exclusive advisor in the financing to Carey and two of its non-traded REITs, which specialize in sale-leaseback acquisitions.

The financing is the loan commitment with a foreign lender that W.P. Carey president and CEO Gordon DuGan referenced, without specifics, as being in the works during the company’s last quarterly earnings call, a company spokesman confirms. “They’re lending today because they do see opportunity,” DuGan said at the time about the then-unnamed lender. This is the first time Carey and the Bank of China have done business together.

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