Overview

Bank of China provides a $110 million USD loan to CheerLand Investment Group for 287 Park Avenue South Refinancing Project

Commitments (Constant USD, 2023)$114,178,624

Commitment Year•2019Country of Activity•United StatesDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 1, 2019

Geospatial footprint

Map overview

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The 287 Park Avenue South property (287 PAS) is a nine-story building located Midtown South submarket of Manhattan, on the northeast corner of 22nd Street and Park Avenue South. It has 118,034 square feet of rentable space. The building was previously known as the known as the United Charities Building, and was designated as a national historic landmark in 1991. More detailed location information can be found here: https://www.openstreetmap.org/node/2704048091

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

Private Sector

CL Investment Group (formerly CheerLand Investment Group)

Loan description

Bank of China provides a $110 million USD loan to CheerLand Investment Group for 287 Park Avenue South Refinancing Project

Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

In or around October 2019, Bank of China (BOC) provided a $110 million USD loan facility to then CheerLand Investment Group (later renamed to CL Investment Group) — US subsidiary of a Beijing-based urban real estate firm with development in New York, California, North Dakota, and China — for the refinancing of 287 Park Avenue South property in New York City. The facility carried a floating (variable) interest rate. Newmark Knight Frank (NKF) arranged the facility on behalf of the CheerLand Investment Group. The 287 Park Avenue South property (287 PAS) is a nine-story building located Midtown South submarket of Manhattan, on the northeast corner of 22nd Street and Park Avenue South. It has 118,034 square feet of rentable space. The building was previously known as the known as the United Charities Building, and was designated as a national historic landmark in 1991.