Overview

Bank of China provides a $78.2 million USD loan for the Rego Center I 2018 Refinancing Project

Commitments (Constant USD, 2023)$78,692,370

Commitment Year•2018Country 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: May 1, 2018

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance debt that had originally been accured in 2009 and had been refinanced multiple times for Rego Center I at 96-05 Queens Boulevard, a portion of the Rego Center shopping mall in the Rego Park neighborhood of Queens in New York City, New York. Its exact address is 96-05 Queens Blvd, Rego Park, NY 11374. More detailed locational information can be found at https://www.openstreetmap.org/way/240971219

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

Urban Edge Properties

Loan desecription

Bank of China provides a $78.2 million USD loan for the Rego Center I 2018 Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In May 2018, the Bank of China (BOC) issued an approximately $78.2 million USD loan to Urban Edge Properties — a Maryland-incorporated real estate investment trust focused on shopping centers based in Paramus, New Jersey and listed on the New York Stock Exchange (NYSE) — for the Rego Center I 2018 Refinancing Project. The proceeds were to be used by the borrower to refinance debt that had originally been accured in 2009 and had been refinanced multiple times for Rego Center I at 96-05 Queens Boulevard, a portion of the Rego Center shopping mall in the Rego Park neighborhood of Queens in New York City, New York.

Staff comments

1. It is plausible, if not likely, that the specific borrower was a special purpose vehicle subsidiary of Urban Edge Properties. This issue merits further investigation.