China Oceanwide takes out $175M loan against supertall Seaport site

Midtown-based DW Partners provided the debt

Jun.June 07, 2019 06:00 PM
The site (left) and a rendering of 80 South Street (Credit: Google Maps; rendering via YIMBY by ATCHAIN)

The site (left) and a rendering of 80 South Street (Credit: Google Maps; rendering via YIMBY by ATCHAIN)

China Oceanwide Holdings got a $175 million loan for its supertall development site near the South Street Seaport.

Midtown-based alternative asset manager DW Partners provided the debt for the property at 80 South Street, according to records filed with the city Friday.

Representatives for China Oceanwide and DW Partners could not be immediately reached for comment.

China Oceanwide bought the site from the Howard Hughes Corp. in 2016 for $390 million. It was an all-cash deal, and this is the first debt China Oceanwide’s put on the property.

The company earlier this year hired Cushman & Wakefield to sell the site with initial pricing talk of nearly $300 million, according to Commercial Observer. A source familiar with the property said the sales process is still ongoing.

It’s possible that China Oceanwide put debt on the property as a way to free up some cash through the proceeds of the loan.

The property is zoned for an 818,000-square-foot mixed-use development, and Oceanwide was planning to build a tower as high as 1,436 feet.

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