Narrative
Full Description
Project narrative
In late December 2015, the Industrial and Commercial Bank of China (ICBC) entered into a $211.6 million USD loan agreement with an unspecified special purpose vehicle (SPV) — a joint venture between Kuafu Properties LLC, a New York City-based privately-held real estate development company targeting Chinese and Asian investors and SCG America Group Inc. (SCGA), the U.S. wholly-owned subsidiary of Chinese state-owned construction and engineering company Shanghai Construction Group Co., Ltd. — for the acquisition of 147 luxury rental units on the top 13 floors of 1 MiMa Tower. The proceeds were to be used by the borrower to finance $260.8 million USD purchase of the 147 luxury rental apartments on the top 13 floors of Related Companies’ and TIAA-CREF’s MiMA, a 63-story residential tower at 460 West 42nd Street located between Ninth and Tenth Avenues in Hell’s Kitchen at 442 West 42nd St. in Midtown Manhattan, New York City, New York; the borrower planned use some of the debt for condo conversion, namely to convert the units into affordable luxury condominiums. The acquisition was completed.
Staff comments
1. Sources disagree whether this loan was made in late December 2015 or early January 2021, with the Commercial Observer Magazine stating January 2016 and Morrison & Foerster, which advised ICBC on the deal, states it was 2015. AidData has assumed the loan was in fact made in late December 2015 but only reported publicly in January 2016 and has thus coded the maturity date as December 31, 2015 and marked the commitment_date_estimated? field as True.