Overview

China Merchants Bank provides $89.9 million USD loan to Mana Group for the 38 Porete Ave. 2018 Refinancing Project

Commitments (Constant USD, 2023)$89,560,370

Commitment Year•2018Country 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, 2018

Geospatial footprint

Map overview

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This loan for refinancing was provided for the 139,255-square-foot Fedex terminal, which is located at 38 Porete Ave. in North Arlington, N.J. More detailed location information can be found at https://www.openstreetmap.org/way/775629756

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

China Merchants Bank Co., Ltd.

Receiving agencies

Private Sector

Mana Group

Loan desecription

China Merchants Bank provides $89.9 million USD loan to Mana Group for the 38 Porete Ave. 2018 Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In April 2018, China Merchants Bank provided a $89.9 million USD loan to Mana Group — privately held company founded and operated by billionaire businessman and real estate developer Moishe Mana — for the 38 Porete Ave. 2018 Refinancing Project. The original $66.4 million USD loan was provided by Goldman Sachs for the construction of a freight warehouse located at 38 Porete Ave. in North Arlington, New Jersey. The China Merchant Bank loan was then retired upon the sale of the property in January 2021. The facility is rented by Fedex per a 20-year lease. The 139,255-square-foot property was acquired by Property Reserve Inc., the real estate services company as the real estate investment arm of the reserve funds for The Church of Jesus Christ of Latter-day Saints.