Eastern Consolidated Arranges $108 Million Construction Loan for 105,000 SF Midtown West Condominium Development
NEW YORK, NY – March 27, 2017 –Eastern Consolidated’s Capital Advisory Division has arranged a $108 million construction loan for XIN Development International Inc., which is developing a seven-story, 82-unit residential condominium with ground floor retail at 615 Tenth Avenue between West 44th and West 45th Streets.
The new project will include 71,699 net square feet of residential space, and 36,053 net square feet of retail space on the ground floor and lower level, of which 76 percent has already been leased to a national credit tenant. The site features 200-feet of frontage on Tenth Avenue and 125-feet of frontage on the corners of West 44th and West 45th Streets.
Adam Hakim, Managing Director, and James Murad, Director, arranged the financing for XIN Development with the lender, Bank of the Ozarks. Last year, Hakim arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property, which was previously home to a gas station and convenience store.
“This is a fantastic location for XIN Development, in the heart of the rapidly developing Midtown West section of Manhattan,” Hakim said. “XIN Development is an experienced sponsor that has developed high-end residential buildings with luxury units and an array of amenities in other parts of New York City.”
Can Tavsanoglu, Director of Acquisitions & Finance at XIN Development, added, “It was a pleasure working with Adam and James at Eastern Consolidated as well as the entire Bank of the Ozarks team to close our second transaction in the last 15 months.”
XIN Development ‘s other New York City projects include The Oosten, a 489,000-square-foot residential and retail development at 429 Kent Avenue in Williamsburg where a four-bedroom is renting for $18,500 per month and a six-bedroom penthouse recently sold for $6.5 million. Amenities at the Oosten include two lobbies, a 24-hour concierge, landscaped rooftop with a reflection pool, a separate lap pool, a gym with a spa, a lounge, and a playroom for children.
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 including Beijing, Shanghai, Zhengzou, Ji’nan, Suzhou, Kunshan, Xuzhou, Chengdu, Hefei, Sanya, and Changsha. To date, XIN has completed over 45.3 million square feet of development across 32 projects with another 25 projects totaling 50.7 million square feet in their pipeline.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
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