Xin Lands $108M Loan for Manhattan Condo Project

The seven-story project will offer 82 units and 36,053 square feet of retail on the former site of a gas station and convenience store.
615 Tenth Ave. rendering

615 Tenth Ave. rendering

New York—XIN Development International’s 82-unit residential condominium project, located at 615 Tenth Ave., landed a $108 million construction loan. The loan was arranged by Eastern Consolidated’s Capital Advisory Division. Managing Director Adam Hakim and Director James Murad arranged the financing for XIN with the lender, Bank of the Ozarks.

Previously home to a gas station and convenience store, the seven-story project will offer 71,699 square feet of residential space and 36,053 square feet of retail on the two lowest levels, of which 76 percent has already been pre-leased to a national credit tenant.

“XIN’s ability to secure a pre-lease from a national credit tenant for a significant portion of the retail space has added significant value to this project and will be a great neighborhood amenity for the residents who eventually purchase units in this building,” Hakim told Multi-Housing News.

In 2016, Hakim arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN to finance the property’s acquisition. Another of XIN Development’s New York City projects is The Oosten, a 489,000-square-foot residential and retail development at 429 Kent Avenue in Williamsburg, Brooklyn. 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.

Image courtesy of Eastern Consolidated