The Biggest Loan of the Year
Sources tell Bisnow that the lenders took an unusual route for SL Green's $1.5B refi of 388-390 Greenwich St Downtown—a floating-rate CMBS loan. (The last time we were this surprised by a 10-digit number was when we got one from that cutie at the bar.)

CMBS is surprising considering Bank of China's presence among the lending consortium (which also included Wells Fargo and Barclays and was led by Citigroup), says CBRE's Shawn Rosenthal (above, receiving a REBNY Ingenious Deal award from Studley's Woody Heller in '09). Bank of China traditionally has been a balance-sheet lender. (China stealing an American lending practice? Is this why Eric Holder accused it of spying on the US this morning?) The deal follows another short-term, floating-rate CMBS loan this year, Deutsche Bank and Bank of China's $675M loan toward Related's acquisition of Time Warner's office space at Time Warner Center, Trepp's Joe McBride tells us. Other CMBS deals this year were 731 Lexington's $300M, floating-rate deal, and ARCP's 82-property portfolio roll-up into a $620M, single-asset securitization.