Search
 

Bank of China Executes $250M Loan for 3 Columbus

NEW YORK CITY-In a joint venture with Moinian, SL Green and Deutsche Bank repay an acquisition bridge loan that was originated in January for 1775 Broadway.

By Jacqueline Hlavenka | Updated on April 12, 2011

NEW YORK CITY-After a long battle over the former Newsweek office at 1775 Broadway, the Bank of China Ltd. agreed to a five-year $250 million mortgage loan for the refinancing of 3 Columbus Circle south of Central Park, SL Green Realty Corp. says. The deal—a repayment of the acquisition bridge loan that was originated in January 2011 by SL Green and Deutsche Bank—includes an earn-out option that increases the loan up to $300 million “upon achievement of certain performance thresholds,” according to a statement from SL Green.

The refinancing announcement comes three months after developer the Moinian Group and SL Green announced a joint partnership upon the recapitalization of the 26-story, 768,565-square-foot office tower in January 2011. Moinian, owner of 20 million square feet of commercial office, residential and hotel property nationwide, planned to reposition the vacant property at Broadway and Eighth Avenue between 57th and 58th streets as class A office space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.