XIN Snags $108M Construction Loan for Midtown West Condo Development
Bank of the Ozarks has provided a $108 million loan to XIN Development International for the construction of a seven-story, 82-unit residential condominium project in Midtown West, Commercial Observer can first report.
Eastern Consolidated’s Adam Hakim and James Murad arranged the financing. Hakim also secured a $27 million bridge loan from Bank of the Ozarks when XIN acquired the 615 10th Avenue site—formerly a gas station and convenience store—in Jan. 2016.
“This is a fantastic location for XIN Development, in the heart of the rapidly developing Midtown West section of Manhattan,” Hakim said in prepared remarks. “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.”
The development, located between West 44th and West 45th Streets, will include 71,699 square feet of residential space and 36,053 square feet of retail space on the ground floor and lower level.
Can Tavsanoglu, the director of acquisitions and 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 president, John Liang, discussed the developer’s plans for the Hell’s Kitchen project with CO last year in an interview that took place at The Oosten, the company’s 489,000-square-foot residential and retail development at 429 Kent Avenue in Williamsburg.
Officials at Bank of the Ozarks declined to comment.