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Overview

Bank of China provides $23 million USD loan to CL Investment Group for Kent Condominium Acquisition Project

Commitments (Constant USD, 2023)$23,729,878
Commitment Year•2020Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2020
Start (actual)
Apr 1, 2020
End (actual)
Apr 1, 2020

Geospatial footprint

Map overview

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The 31-story, mixed-use Kent building is located at 200 East 95th Street in Yorkville, Manhattan, New York.The three retail units cover 23,616 square feet on the ground floor of of the the Kent's 260,969 square feet. More detailed location information can be found at: https://www.openstreetmap.org/node/2724132737

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

  • Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • 1683 Third Avenue Retail LLC

Loan desecription

Bank of China provides $23 million USD loan to CL Investment Group for Kent Condominium Acquisition Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In April 2020, the Bank of China (BOC) provided a $23 million USD loan to 1683 Third Avenue Retail LLC — a Delaware-incorporated special purpose vehicle (SPV) wholly-owned by CL Investment Group, the US subsidiary of a Beijing-based real estate company — for the acquisition of three retail condominium units in the Kent building, located at 200 East 95th Street in Yorkville, Manhattan, New York. CL Investment Group purchased the units from Extell Development for a total of $28.7 million USD. The three retail units cover 23,616 square feet on the ground floor of of the building's 260,969 square feet. Extell Development constructed the 31-story, mixed-use structure, which opened in 2018. Approximately 50% of the condominium's space was rented by the New York Department of Education for a pre-K school. The acquisition was completed around April 2020.