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Overview

ICBC provides a $26 million USD loan to Guangdong Zhonghuan Investment Group for its acquisition of the 2665 N. First St office building in San Jose, California

Commitments (Constant USD, 2023)$26,987,675
Commitment Year•2019Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 19, 2019
Start (actual)
Mar 19, 2019
End (actual)
Mar 19, 2019

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project was a loan for the acquisition of the office building located at 2665 N. First St between West Trimble Road and West Plumeria Drive in North San Jose, California. More detailed locational information can be found at: https://www.openstreetmap.org/way/219143538

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • GZI First North 1, LLC

Loan description

ICBC provides a $26 million USD loan to Guangdong Zhonghuan Investment Group for its acquisition of the 2665 N. First St office building in San Jose, California

Interest type•Unknown

Narrative

Full Description

Project narrative

On or around March 19, 2019, the Industrial and Commercial Bank of China (ICBC) issued a $26 million USD loan to GZI North First 1, LLC – a Delaware-SPV owned by Guangdong Zhonghuan Investment Group – for the acquisition of the 2665 N. First St office building in San Jose, California. The office building is located at 2665 N. First St between West Trimble Road and West Plumeria Drive in North San Jose, California. The acquisition was completed on March 19, 2019 for a total price of $41 million USD.

Staff comments

1. The exact terms of the loan are unknown. This issue merits further investigation. 2. The precise commitment date is unknown. However, the loan was issued before March 22, 2019 because because it was mentioned in "Chinese Developer GZI North Buys San Jose Office Building for $41MM" published that date. Given that the acquisition was completed on March 19, 2019, AidData has assumed that the loan was issued on or around that date.