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Overview

China Eximbank provides $20 million USD loan for the Cambria at Riverside Apartment Complex Project

Commitments (Constant USD, 2023)$27,746,355
Commitment Year•2009Country 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
Jan 1, 2009
End (actual)
Jan 1, 2011

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% Chinese ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Private Sector

  • Griffin Real Estate Management, Inc.

State-owned companies

  • BCEGI, LLC (formerly BCEGI-USA, LLC)

Implementing agencies

Private Sector

  • Griffin Living, LLC (formerly Griffin Fine Living)
  • KTGY Architecture + Planning

Loan description

China Eximbank provides $20 million USD loan for the Cambria at Riverside Apartment Complex Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2009, the Export-Import Bank of China (China Eximbank) provided a $20 million USD loan to the Beijing Construction Engineering Group USA, or BCEGI-USA, LLC (later renamed to BCEGI, LLC) for the Riverside Apartment Complex Project. Then, BCEGI-USA, LLC lent the proceeds of the China Eximbank loan to Griffin Real Estate Management, Inc., a Delaware-incorporated real estate company and member of the Griffin Group. The proceeds of the loan would be used to develop a 55+ active adult luxury apartment complex with 204-units, located at 725 Sierra Vista Avenue, La Sierra University, Riverside, California 92505. The project went by several names, including the Cambria at Riverwalk, the Riverside Apartment Complex Project, the Cambria Senior Housing Project, the Retirement Housing Project in California, and the 6041 Apartments Project. The architect was KTGY Architecture + Planning, and the site was developed by Griffin Living, LLC and its CEO, Paul Griffin III. It was built in 2011. In 2011, the project won the National Association of Home Builders' Senior Project of the Year award. The project was later sold to Greystar and The Carlyle Group, and is now known as Overture Riverwalk.

Staff comments

1. The Chinese project title is 美国加州老年公寓一期项目 or 加州老年公寓项目 or 了美国洛杉矶6041公寓. 2. This project is also known as the Cambria Senior Housing Project, the Retirement Housing Project in California, and the 6041 Apartments Project. 3. The face value of the loan from Beijing Construction Engineering Group USA. However, it is known that the loan was worth approximately two-thirds of the total cost ($30 million) of the project. Therefore, AidData assumes for the time being that the face value of the loan was equivalent to $20 million. This issue warrants further investigation. 4. BCEGI, LLC is an enterprise with a focus on the construction industry. BCEGI, LLC was initially established in April 2007 in Dallas, Texas, with the name BCEGI-USA, LLC, and changed its name to BCEGI, LLC in November 2010. BCEGI began operations in the beginning of 2012 in Calabasas, CA and is a wholly-owned subsidiary of BCEG International Co.,Ltd (BCEGI).