Skip to content
AidData logo

Overview

ICBC (USA) N.A provides $43 million USD loan to Pi Capital Partners for recapitalization of its Flushing Professional Tower property

Commitments (Constant USD, 2023)$43,270,741
Commitment Year•2018Country 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
Aug 23, 2018
Last repayment (originally scheduled)
Aug 22, 2023

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

This project provided a loan for recapitalization to Pi Capital Partners' Flushing Professional Tower property, which is a 13-story, 100,000 square foot office building located at 136-18 39th Avenue Flushing, New York. More detailed location information can be found at https://www.openstreetmap.org/way/284621756

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

Receiving agencies

Private Sector

  • Pi Capital Partners LLC

Loan desecription

ICBC (USA) N.A provides $43 million USD loan to Pi Capital Partners for recapitalization of its Flushing Professional Tower property

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On August 23, 2018, Industrial and Commercial Bank of China (USA) (ICBC) entered into a $43 million USD loan agreement with Pi Capital Partners — a New York-based private real estate development and management firm — for recapitalization of its Flushing Professional Tower property. The facility is considered a low-leverage loan with a maturity of five years. Pi Capital Partners' Flushing Professional Tower property is a 13-story, 100,000 square foot office building located at 136-18 39th Avenue Flushing, New York, which the company has owned since 1996. The site has housed company offices including Capital One, Pacific Delight World Tours, and Long Island Business Institute.