Overview

ICBC provides a $36 million USD loan for the 247 East 28th Street Refinancing Project

Commitments (Constant USD, 2023)$36,000,000

Commitment Year•2023Country 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: Dec 28, 2023

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to refinance the 128-unit multi-family residential elevator building with a total square footage of 108,614 located at 247 East 28th Street in the Kips Bay neighborhood, Manhattan, New York City, New York. More detailed locational information can be found at https://www.openstreetmap.org/way/248827302

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

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

MB Grayson LLC

Loan desecription

ICBC provides a $36 million USD loan for the 247 East 28th Street Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 28, 2023, the Industrial and Commercial Bank of China (ICBC) entered into a $36,000,000 USD loan agreement with MB Grayson LLC — a New York-incorporated company owned by developer Wen Du headquartered in New York — for the 247 East 28th Street Refinancing Project. The proceeds were to be used by the borrower to refinance the 128-unit multi-family residential elevator building with a total square footage of 108,614 located at 247 East 28th Street in the Kips Bay neighborhood, Manhattan, New York City, New York.