A major Chinese investment firm has secured a loan from a U.S. lender to develop a large-scale residential real estate project in Brooklyn. But Xinyuan Real Estate Co. is taking a different tack from that of many foreign investors that have developed real estate in New York City: It is proceeding without a U.S.-based joint venture partner.
Xinyuan, through its U.S. real estate arm XIN Development, plans to build a seven-story condominium development in South Williamsburg, to be called Oosten, according to a representative for the firm. The project nabbed a $165 million loan from New York-based Fortress Investment Group, according to data provided by the real estate services firm Real Capital Analytics. Fortress did not respond to a request for comment. Read More