Overview

Bank of China provides a $95 million USD loan for Echelon Chicago

Commitments (Constant USD, 2023)$99,388,846

Commitment Year•2015Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 1, 2015

Geospatial footprint

Map overview

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The proceeds of this loan were for Echelon Chicago, also known as Echelon at K Station, a luxury apartment complex at 353 N Desplaines St, near the River North and West Loop neighborhoods in Chicago, Illinois. Its exact address is 353 N Desplaines St, Chicago, IL 60661. More detailed locational information can be found at https://www.openstreetmap.org/way/149509853

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

Unspecified Entity for Echelon Chicago Project

Loan desecription

Bank of China provides a $95 million USD loan for Echelon Chicago

Interest type•Unknown

Narrative

Full Description

Project narrative

In February 2015, the Bank of China (BOC) issued a $95 million USD loan to an unspecified borrower for Echelon Chicago, also known as Echelon at K Station, a luxury apartment complex at 353 N Desplaines St, near the River North and West Loop neighborhoods in Chicago, Illinois.

Staff comments

1. The specific use of the proceeds is unknown; it may have been to finance the acquisition of the building, refinancing existing debt, funding renovations or construction, etc. This issue merits further investigation.