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Overview

ICBC provides $31 million USD bridge loan to AMI Real Estate for Universal Lofts 2015 Refinancing Project

Commitments (Constant USD, 2023)$32,432,150
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
Sep 8, 2015
Last repayment (originally scheduled)
Sep 7, 2018

Geospatial footprint

Map overview

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Universal Lofts is a 67-unit office/ condominium community located at 3450 Cahuenga Boulevard West Los Angeles, CA 90068. More detailed location information can be found at: https://www.openstreetmap.org/way/1289396555

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

Private Sector

  • AMI Real Estate, Inc.

Loan desecription

ICBC provides $31 million USD bridge loan to AMI Real Estate for Universal Lofts 2015 Refinancing Project

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In September 2015, the Industrial and Commercial Bank of China (ICBC) entered into a $31 million USD bridge loan agreement with AMI Real Estate — Los Angeles-incorporated and headquartered private real estate firm — for Universal Lofts 2015 Refinancing Project. The loan carried a maturity period of three years. The debt facility was to be used to refinance existing debt for a 67-unit office and condominium creative space, Universal Lofts, located near Universal City in Los Angeles, California. AMI had been looking to sell the property since August 2014 and succeeded in selling it in March 2018.