Eastern Consolidated’s Capital Advisory Division has arranged a $27 million bridge loan on behalf of XIN Development International to finance the acquisition of a 105,000 s/f development site at 615 Tenth Avenue in Midtown West.
The lender was Bank of the Ozarks. Adam Hakim and Sam Zabala, Managing Directors in Eastern Consolidated’s Capital Advisory Division, handled the transaction. James Murad, Director, Financial Services, served as the analyst on the deal.
XIN Development International plans to build a mixed-use project on the development site. A gas station and convenience store are currently located on the property, which will be delivered vacant.
“This is a significant transaction for XIN Development International because it is the first time the company has obtained a bank loan for a development project in New York City,” Hakim said.
“We are excited about the additional opportunities that Eastern Consolidated will be able to provide as XIN expands its New York City presence.”
XIN Development International is currently building The Oosten at 429 Kent Avenue in Williamsburg without any U.S. partners.
The Oosten, one of the largest residential development projects in Brooklyn, will span 489,000 gross square feet and include 216 apartments as well as 190 parking spaces.
Recently The Oosten set a record for the highest price paid for a Williamsburg apartment — $6.5 million for a penthouse unit.
XIN Development International is the U.S. development arm of Xinyuan Real Estate Co., Ltd., which is based in Zhengzhou China and is the first and only Chinese real estate developer listed on the New York Stock Exchange.
The company builds large scale, high quality residential projects in high growth cities in China. To date, Xinyuan Real Estate Co., Ltd. has completed more than 42,000 residential units totaling in excess of 40 million s/f.