China Oceanwide modifies $169M loan with DW Partners for FiDi dev site

China Oceanwide Holdings through the entity Oceanwide Center NY LLC as borrower signed a loan modification with lender DW Partners through the entity DW 80 South LLC valued at $169 million for two properties including the industrial (E9) at 163 Front Street in Financial District, Manhattan and office building (O2) at 80 South Street in Financial District, Manhattan.
The deal closed on May 22, 2021 and was recorded on June 16, 2021.
The developer is proposing an 818,000 square feet supertall project, which yields a loan value of $206 per square foot.
The signatory for China Oceanwide Holdings was Luyan Shi. The signatory for DW Partners was Houdin Honarvar.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There has been one demolition project filed for the parcels over the past five years.
The debt originally totaling $175 million was given in 2019. This amendment memorializes that the borrowers made a $6 million prepayment to reduce the principal to $169 million, and the term of the loan was extended to November 21, 2021, which can be extended to May 2022.
Within a 400-foot radius of 163 Front Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were for major renovations including a certificate of occupancy change. Those were two permits with a total initial cost of $2.2 million.

Of those six items, two were loans above $5 million totaling $442 million. The most recent of the two was Vanbarton Group which borrowed $70 million from Brookfield Real Estate Financial Partners secured by the 481,858-square-foot, seven-unit office building (O4) on 160 Water Street on May 24, 2021.

Direct link to Acris document. link