NEW YORK CITY — XIN Development International Inc. — the U.S. development arm of Chinese developer Xinyuan Real Estate Co. Ltd. — has received $108 million in financing for the construction of a mixed-use property at 615 Tenth Ave. in the Hell’s Kitchen neighborhood of Manhattan.
The seven-story development will offer 82 residential units and 36,053 square feet of retail space. The retail portion of the property is currently 76 percent pre-leased to an undisclosed national credit tenant.
Adam Hakim and James Murad of Eastern Consolidated secured the construction financing on behalf of the borrower through Bank of the Ozarks. Hakim also arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property last year.
An expected completion date for the development has yet to be announced.
Xinyuan Real Estate Co. Ltd. (NYSE: XIN) is the only Chinese real estate developer listed on the New York Stock Exchange. The company focuses on the development of large-scale residential projects.
The company’s stock price closed at $4.44 per share on Monday, March 27, up from $4.40 one year ago.
— Katie Sloan