NEW YORK CITY-China Investment Corp. has assisted in refinancing an office tower in Manhattan. The office tower is co-owned by Carlyle Group.
The fund has collaborated with New York-based AREA Real Estate Finance Corp. to purchase an unstated preferred equity interest in 650 Madison Ave., a 27-story tower that houses Polo Ralph Lauren Corp.'s headquarters. CIC also controls 35% of China-based Industrial & Commercial Bank that provided a new first mortgage to Carlyle. For the full story, go to Crain's Chicago Business.
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