Overview

China Merchants Bank provides a $185 million USD loan for the 537 Greenwich Street Refinancing Project

Commitments (Constant USD, 2023)$170,596,203

Commitment Year•2021Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 19, 2021

Geospatial footprint

Map overview

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The proceeds were to be used to refinance a $215 million USD construction loan Bank of the Ozarks issued in 2017 to back 137 unsold condominium units at 537 Greenwich Street (also known as 110 Charlton Street and the Greenwich West Condominium) in Hudson Square, a 27-story 170-unit condo tower in the West SoHo neighborhood of Manhattan, New York City, New York. More detailed locational information can be found at https://www.openstreetmap.org/way/1070134442

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 ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

China Merchants Bank Co., Ltd.

Receiving agencies

Joint Venture/Special Purpose Vehicles

537 Greenwich Owner LLC

Loan desecription

China Merchants Bank provides a $185 million USD loan for the 537 Greenwich Street Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

Circa May 19, 2021, China Merchants Bank Co., Ltd. signed a $185 million USD condo inventory loan with 537 Greenwich Owner LLC — a Delaware-incorporated special purpose vehicle (SPV) jointly owned by Strategic Capital LLC, the New Jersey-based real estate investment arm of China Construction America, Inc. (CCA), the United States-based subsidiary of Chinese state-owned construction firm China State Construction Engineering Corporation, by New York-based privately-held real estate investment platform Forum Absolute Capital Partners, and by New York-based real estate development and investment firm Cape Advisors, Inc. — for the 537 Greenwich Street Refinancing Project. The proceeds were to be used to refinance a $215 million USD construction loan Bank of the Ozarks issued in 2017 to back 137 unsold condominium units at 537 Greenwich Street (also known as 110 Charlton Street and the Greenwich West Condominium) in Hudson Square, a 27-story 170-unit condo tower in the West SoHo neighborhood of Manhattan, New York City, New York.