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Overview

ICBC provides $29.7 million USD loan to Ampiera Group for Woodside Construction Project

Commitments (Constant USD, 2023)$28,064,098
Commitment Year•2022Country 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
Apr 1, 2022
End (actual)
Oct 11, 2023

Geospatial footprint

Map overview

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The proceeds were used by the borrower to construct a residential condominium, Arcadia Woodside Condo, located at 4022 61st St, Woodside, NY 11377. More detailed location information can be found at: https://www.openstreetmap.org/way/374110190

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

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • 4061 Street, LLC

Loan desecription

ICBC provides $29.7 million USD loan to Ampiera Group for Woodside Construction Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around April 2022, the Industrial and Commercial Bank Of China (ICBC) provided a $29.7 million USD bilateral loan to 4061 Street, LLC — a New York-incorporated special purpose vehicle (SPV) and wholly-owned subsidiary of the New York real estate company, Ampiera Group — for construction of a residential condominium building in Woodside, NY. The proceeds of the loan were to be used to finance the construction of a new building on the 63,045 square foot property at 40-20 61st Street. The property, Arcadia Woodside Condo, was completed with 7 stories and 76 residential condo units, and began sales on October 11, 2023.