Kriss Capital has provided a $45 million condo inventory loan to Xin Development Group, the developer of the Oosten/ The Reserve, a collection of luxury new condo units, lofts and townhomes available at the South Williamsburg waterfront development.
Vanadium Realty LLC, a Manhattan-based real estate development and investment firm, headed by real estate veteran Stephen Muller, represented the borrower, to secure the inventory loan through Kriss Capital, a New York-based real estate bridge lender with a focus on residential ground-up development, renovation, adaptive reuse, and condo inventory debt strategies.
“Leveraging our first hand understanding of residential development along with our global network of relationships, Vanadium was able to quickly arrange the right capital and terms to meet borrower objectives.” Muller said. “Kriss Capital was excellent to work with; we closed on the initial terms quoted and ahead of schedule… It also didn’t hurt that Oosten /The Reserve include some of the finest homes in the Williamsburg market.”
Designed by renowned Dutch architect Piet Boon, The Oosten is a stunning 216-unit condominium at 429 Kent Avenue and offers as many lush amenities as it does modern aesthetic details. The Reserve collection offers 3-bedroom units as well as lofts, duplex homes, penthouses, and townhouses that feature spacious floor plans, private outdoor areas and/or private parking facilities.
The building’s glass facade with gunmetal-framed floor-to-ceiling windows gives every residence the modern touch, as well as a taste of the original Williamsburg. For the interiors, Boon’s design features calming colors and clean lines that perfectly accentuate the roomy, airy features of the homes.
An indoor swimming pool, a children’s playroom with a bouncy-house, a 13,000+ square-foot lush green courtyard and much more. Urbn Playground, the onsite lifestyle concierge, provides both adults and children with a series of bespoke activities, including but not limited to swimming lessons, wine tasting, massages, etc.