Overview

Bank of China provides a $43 million USD loan to Pi Capital Partners for the Elm East Property Refinancing (Linked to Record ID#107431)

Commitments (Constant USD, 2023)$40,631,523

Commitment Year•2022Country 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 10, 2022

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The Elm East property is comprised of luxury condos located at 86-55 Broadway in Elmhurst, New York City, New York. More detailed location information can be found at: https://www.openstreetmap.org/way/280517660

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

Pi Capital Partners LLC

Loan desecription

Bank of China provides a $43 million USD loan to Pi Capital Partners for the Elm East Property Refinancing

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around July 2017, Bank of China (BOC) provided a $43 million USD to to Pi Capital Partners, LLC — a New York-based private real estate development and management firm — for Elm East, a luxury rental building. This loan is captured by Record ID#107431. Then, on August 10, 2022, BOC provided a refinancing facility for the 2017 loan with another $43 million USD loan to Pi Capital for the Elm East property. Record ID#107438 captures this loan. The Elm East property is comprised of luxury condos located at 86-55 Broadway in Elmhurst, New York City, New York. The property was developed by Pi Capital and was built in 2012. The building consists of 83 units with a total of has 105,325 square feet.