Overview

Bank of China provides a $100 million USD loan to United Construction and Development Group for the 23-15 44th Drive 2016 Refinancing Project

Commitments (Constant USD, 2023)$109,072,157

Commitment Year•2016Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 6, 2016

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance 23-15 44th Drive, also known as 44-45 23rd St in Long Island City, Queens, a development site where the borrower planned to construct a 79-story 779,000-square foot mixed-used tower known as Court Square City View Tower (later renamed as Skyline Tower) with 660 apartments and 100,000 square feet of commercial space. More detailed locational information can be found at https://www.openstreetmap.org/way/702525862

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% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

United Construction and Development Group Corp. (UCDG)

Collateral providers

Private Sector

United Construction and Development Group Corp. (UCDG)

Loan description

Bank of China provides a $100 million USD loan to United Construction and Development Group for the 23-15 44th Drive 2016 Refinancing Project

Interest type•Unknown

Collateral

This loan was secured by a mortgage against 23-15 44th Drive from United Construction and Development Group Corp.

Narrative

Full Description

Project narrative

In the week prior to September 6, 2016, financial close was reached on a deal in which the New York City Branch of the Bank of China (BOC) entered into a $100 million USD land loan agreement with United Construction and Development Group Corp. (UCDG) — a real estate developer based in Corona, Queens, New York City founded and managed by Chris Jiashu Xu, a Chinese immigrant to the United States — for the 23-15 44th Drive 2016 Refinancing Project. This loan was secured by (i.e. collateralized) a mortgage against 23-15 44th Drive. The proceeds were to be used by the borrower to refinance 23-15 44th Drive, also known as 44-45 23rd St in Long Island City, Queens, a development site where UCDG planned to construct a 79-story 779,000-square foot mixed-used tower known as Court Square City View Tower (later renamed as Skyline Tower) with 660 apartments and 100,000 square feet of commercial space; specifically, the new loan replaced an acquisition loan from Ladder Capital from 2015. In July 2018, a syndicate of lenders provided a $502 million USD loan for the project.