search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
Popular
New York

Investment Corporation of Dubai refis hotel at the Time Warner Center

The Residences at the Mandarin Oriental are backing the $130M loan

80 Columbus Circle and Khalifa Al Daboos (Credit: Ithra Dubai)
80 Columbus Circle and Khalifa Al Daboos (Credit: Ithra Dubai)

Dubai’s sovereign wealth fund refinanced the hotel portion of 80 Columbus Circle, loan documents filed with the city Tuesday show.

Bank of China lent $130 million against the Residences at the Mandarin Oriental, a five-star hotel. The debt replaced an existing mortgage from the same bank plus $35 million in new financing.

Sign Up for the undefined Newsletter

The loan was signed by Khalifa Al Daboos, the deputy chief executive officer of the Investment Corporation of Dubai. The fund acquired a 73 percent stake in the hotel in 2015, according to Bloomberg and company regulatory filings. That stake was previously acquired by Dubai World, another government-owned investment fund, for $345 million in 2007, according to the New York Post. Representatives for Investment Corporation of Dubai and Bank of China could not immediately be reached.

The 55-floor tower at 80 Columbus Circle also contains 64 condominium apartments.

Investment Corporation of Dubai partnered with Brookfield Asset Management to form a $1 billion investment fund in 2011.

Tags
Foreign InvestmentHotel MarketReal Estate Finance