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Overview

Bank of China provides a $150 million USD loan to Pacific Retail Capital Partners to facilitate its acquisition of the Eastridge Center (Linked to Record ID#105462)

Commitments (Constant USD, 2023)$163,608,236
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

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2016
Start (actual)
Jan 1, 2016
End (actual)
Jan 1, 2016

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to help its affiliate acquire the Eastridge Center, a large two-story indoor shopping mall with 1.2 million square feet of space located at 2190 and 2200 Eastridge Loop in Evergreen, San Jose, California. More detailed locational information can be found at https://www.openstreetmap.org/way/38519376

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

  • Pacific Retail Capital Partners, LLC (PRCP)

Collateral providers

Private Sector

  • Pacific Retail Capital Partners, LLC (PRCP)

Loan description

Bank of China provides a $150 million USD loan to Pacific Retail Capital Partners to facilitate its acquisition of the Eastridge Center

Interest type•Unknown

Collateral

This loan was secured by a mortgage on the Eastridge Center, a shopping mall located in San Jose, California.

Narrative

Full Description

Project narrative

In January 2016, the Los Angeles Branch of the Bank of China (BOC) entered into a $150 million USD mortgage loan agreement with Pacific Retail Capital Partners, LLC (PRCP) — an American real estate investment firm — to facilitate its acquisition of the Eastridge Center. This loan was secured by (i.e. collateralized against) a mortgage on the Eastridge Center. The proceeds were to be used by the borrower to help its affiliate, special purpose vehicle GS Pacific ER, acquire the Eastridge Center, a large two-story indoor shopping mall with 1.2 million square feet of space at 2190 and 2200 Eastridge Loop in Evergreen, San Jose, California; Eastridge was acquired on the same day as the mortgage loan for a consideration of $225 million USD. Record ID#105461 captures the BOC loan. In documents filed to the Santa Clara County Recorder's Office on June 1, 2022, the loan was in default, being "delinquent" and "past due" even after a modification of the original loan; the borrower requested that the lender extend the maturity date of the loan, adjust the calculation of the interest rate, and establish a payment plan for past due and delinquent debt. On August 30, 2022, PRCP announced that Las Vegas-based investor Silver Eagle Capital Partners had acquired a stake in GS Pacific ER, the special purpose vehicle owning Eastridge Center; this investment was expected to help extend the maturity of the BOC loan. In January 2024, the Los Angeles Branch of BOC entered into a $98 million USD loan agreement with Eastridge Property Holdings LLC — a Texas-incorporated special purpose vehicle (SPV) and subsidiary of 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 — to facilitate its acquisition of the Eastridge Center from GS Pacific ER. GS Pacific ER sold the mall and an adjacent parcel at 2010 Tully Road for $135 million USD. The sale was at a 21% loss from when GS Pacific ER purchased the mall in 2016. Record ID#105462 captures the BOC loan.