The Oosten on Brooklyn’s Waterfront Gets $45M Refinancing
By Mark Hallum April 18, 2022 1:32 pm
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Xin Development Group nabbed $45 million in refinancing for the Oosten, a luxury condominium project on the South Williamsburg, Brooklyn waterfront, according to the broker.
Kriss Capital provided the loan and Vanadium Realty’s Stephen Muller arranged the financing for the 216-unit complex at 429 Kent Avenue, which the developers bought for $54 million in 2012.
Since being completed in 2015, penthouses have sold for $6.49 million while one-bedrooms have recently been listed on StreetEasy at just under $1 million.
Xin Development Group and Kriss Capital did not immediately respond to requests for comment.
Designed by Dutch architect Piet Boon, one section of the complex known as The Reserve offers three-bedroom units as well as lofts, duplex homes, penthouses and townhouses. Amenities include an indoor swimming pool, a children’s playroom and a 13,000-square-foot courtyard.
“Leveraging our first-hand understanding of residential development along with our global network of relationships, Vanadium was able to quickly arrange the right capital and terms to meet borrower objectives,” Muller said in a statement. “Kriss Capital was excellent to work with; we closed on the initial terms quoted and ahead of schedule. It also didn’t hurt that Oosten The Reserve includes some of the finest homes in the Williamsburg market.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
