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Overview

Bank of China provides a $223 million USD loan for the PLG at 123 Linden Boulevard 2021 Refinancing Project

Commitments (Constant USD, 2023)$205,637,585
Commitment Year•2021Country 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
Jun 1, 2021

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to repay a July 2020 $170 million USD loan from AIG for PLG, a 26-story rental apartment complex located at 123 Linden Boulevard in the southern edge of Prospect Lefferts Gardens of the Flatbrush neighborhood of Brooklyn in New York City, New York. More detailed locational information can be found at https://www.openstreetmap.org/way/853375473

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

  • Moinian Group LLC

Loan description

Bank of China provides a $223 million USD loan for the PLG at 123 Linden Boulevard 2021 Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In June 2021, the Bank of China (BOC) entered into a $223,000,000 USD loan agreement with Moinian Group LLC — a privately-held real estate developer based in New York City — for the PLG at 123 Linden Boulevard 2021 Refinancing Project. The proceeds were to be used by the borrower to repay a July 2020 $170 million USD loan from AIG for PLG, a 26-story rental apartment complex located at 123 Linden Boulevard in the southern edge of Prospect Lefferts Gardens of the Flatbrush neighborhood of Brooklyn in New York City, New York, with the developer having $53 million USD leftover after the repayment. PLG featured 366,000 square feet of residential space and 50,000 square feet of amenities. It included 141 middle-income apartments as part of the 421-a tax incentive program. It was completed in 2019. Moinian Group owned 50% of the property, while Bushburg Properties owned the other 50%. In May 2023, Moinian Group and Bushburg Properties sold the complex for between $325 million USD and $335 million USD.

Staff comments

1. This project is also known as Flatbrush Apartment Complex Project. 2. Sources describe Moinian as the borrower, not the joint venture between it and Bushburg Properties. However, it is plausible, if not likely, that the specific borrowing institution was that special purpose vehicle/joint venture that owned the property, or, if not that, simply a special purpose vehicle subsidiary of Moinian Group. This issue merits further investigation.