SL Green obtains $125M construction loan from Bank of China to develop Pace building in FiDi

SL Green Realty through the entity 126 Nassau Lessee LLC as borrower signed a loan agreement with lender Bank Of China valued at $125 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 15 Beekman Street also known as 132 Nassau Street in the Financial District. The deal closed on July 15, 2020 and was recorded on July 29, 2020.
SL Green is to develop a 220,000 square foot building with classrooms, a library, a dorm and other uses for Pace University.
Chen Xu, president and CEO of Bank of China USA, was the signatory for the bank on a related filing. Andrew Levine was the signatory for SL Green Realty. SL Green took control of the property earlier this year as the tenant through a ground lease valued at $30 million, as PincusCo first reported.  The new loan is composed of an $89.7 million new building loan and a $35.3 million project loan.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $1,307,845. There have been 2 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link