Overview

ICBC (USA) NA contributes to $22.2 million USD syndicated loan to Fantasia Holdings for U Hotel Fifth Avenue in Manhattan acquisition (Linked to Record ID#105482)

Commitments (Constant USD, 2023)$11,383,640

Commitment Year•2014Country 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: Apr 1, 2014

Start (actual): Apr 1, 2014

End (actual): Apr 1, 2014

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The the 21,955 square-foot U Hotel Fifth Avenue is located at 373 5th Ave, New York, NY 10016. More detailed location information can be found here: https://www.openstreetmap.org/node/5124295521

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 (USA) N.A (ICBC (USA) or ICBC USA)

Cofinancing agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

Fantasia 373 Hotel (US), LLC

Guarantors

Private Sector

Fantasia Investment Holdings Co., Limited

Loan description

ICBC (USA) NA and ICBC New York contribution to $22.2 million USD syndicated loan to Fantasia Holdings for U Hotel Fifth Avenue in Manhattan acquisition in 2014

Interest type•Unknown

Narrative

Full Description

Project narrative

In April 2014, the New York Branch of Industrial and Commercial Bank of China (ICBC) and ICBC (USA) NA contributed to a $22.2 million USD syndicated loan to Fantasia 373 Hotel (US), LLC — a Delaware-incorporated, wholly-owned special purpose vehicle (SPV) of Fantasia Holdings Group Co. Ltd. — for the purchase of a Manhattan hotel. The proceeds of the loan were used to purchase the 21,955 square-foot hotel property, the U Hotel Fifth Avenue, located at 373 5th Avenue, Manhattan, New York. Fantasia Investment Holdings Co., Limited —wholly-owned subsidiary of Fantasia Holdings Group Co. Ltd. (a Hong Kong-listed investment holding company principally engaged in the property development business in China) — provided a guarantee for the entire amount of the loan facility to the lenders. Fantasia bought the property for a total of $34.9 million USD. In June 2024, Fantasia sold the property to Hogwarts Capital for $30 million USD.

Staff comments

1. The individual contributions of the two lenders to this $22.2 million USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of both ICBC branches by assuming that each lender contributed an equal amount ($11,100,00 USD) to the $22.2 million USD loan facility.