Overview

Bank of China provides a $70 million USD loan for the TENTEN Wilshire Refinancing Project

Commitments (Constant USD, 2023)$79,554,800

Commitment Year•2011Country 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: Feb 1, 2011

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower for stabilization refinancing, namely to repay a construction loan from East West Bank used for 1010 Wilshire, branded as TENTEN Wilshire, a 243,000 square feet (22,575 square meters) 17-story luxury mixed-use tower on Wilshire Boulevard in Downtown Los Angeles, California with 227 residential units and retail space located in a California State Enterprise Zone, and to allow the developer to achieve financing for future projects. More detailed locational information can be found at https://www.openstreetmap.org/way/426372022

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

Joint Venture/Special Purpose Vehicles

TenTen Wilshire, LLC

Loan description

Bank of China provides a $70 million USD loan for the TENTEN Wilshire Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In February 2011, the Bank of China entered into a $70 million USD loan agreement with TenTen Wilshire, LLC — a California-incorporated special purpose vehicle (SPV) and wholly-owned subsidiary of Amidi Group Inc., a privately-owned real estate, technology, and investment company — for the TENTEN Wilshire Refinancing Project. The proceeds were to be used by the borrower for stabilization refinancing, namely to repay a construction loan from East West Bank used for 1010 Wilshire, branded as TENTEN Wilshire, a 243,000 square feet (22,575 square meters) 17-story luxury mixed-use tower on Wilshire Boulevard in Downtown Los Angeles, California with 227 residential units and retail space located in a California State Enterprise Zone, and to allow the developer to achieve financing for future projects. By May 2014, Deutsche Bank had "recently" issued a loan to refinance the BOC debt on the project.