Overview

Bank of China provides $30 million USD mortgage loan to Innovo Property Group for 202 Canal St Acquisition Project

Commitments (Constant USD, 2023)$31,385,951

Commitment Year•2015Country 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: Aug 1, 2015

Start (actual): Aug 1, 2015

End (actual): Aug 1, 2015

Geospatial footprint

Map overview

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The 15.5 thousand square-foot acquired retail condo building is located at 202 Canal St, located in Chinatown in Manhattan, New York. More detailed location information can be found here: https://www.openstreetmap.org/node/2563990292#map=13/40.72293/-74.00073

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

Innovo Property Group, LLC

Loan description

Bank of China provides $30 million USD mortgage loan to Innovo Property Group for 202 Canal St Acquisition Project

Interest type•Unknown

Collateral

This loan was secured by (i.e. collateralized against) a mortgage against 202 Canal Street, a property in Chinatown in Manhattan, New York.

Narrative

Full Description

Project narrative

In or around August 2015, the Bank of China (BOC) provided a $30 million USD mortgage loan to Innovo Property Group, LLC — a New York City-based real estate group founded in 2015 by Andrew Chung — for the 202 Canal St Acquisition Project. This loan was secured by (i.e. collateralized against) a mortgage against 202 Canal Street. The proceeds were used by the borrower to acquire the 202 Canal St property, a 15,500-square-foot retail condominium located in Chinatown in Manhattan, New York. The acquisition was made in conjunction with Artemis Real Estate Partners. Innovo Property Group supplied $14 million USD in equity as well as the $30 million USD BOC loan to the $44 million USD acquisition.