ICBC provides $15.8 million USD to $60.8 million USD syndicated loan facility to Pi Capital Partners for several New York properties (Linked to Record ID#107445)

Project narrative

In December 2018, Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) entered into a $60.8 million USD syndicated financing facility with J.P.K Associates, LLC— a subsidiary of Pi Capital Partners, a New York-based private real estate development and management firm — for several New York City properties. The loan was collateralized against the 339 Fifth Ave. property. Record ID#107444 captures ICBC's $15.8 million USD contribution to the syndicate. The funds were allocated to the 339 Fifth Ave. property, the Demarest Building, an iron-framed, 19th-century structure across the street from the Empire State Building. The 339 Fifth Ave. property is located on the corner of East 33rd and Fifth Streets. The property previously was the Demarest Building, an iron-framed, 19th-century structure across the street from the Empire State Building. The 339 Fifth Ave. building was demolished in 2022. Record ID#107445 captures BOC's $45 million USD contribution. BOC's contribution financed the 339 Fifth Ave. property, a 474 Seventh Ave. property, a 459 Lexington Ave. property, a commercial condo unit at 130 Water St. and 82-02 Roosevelt Ave. in Queens.