XIN Development International, the U.S. branch of Beijing-based Xinyuan Real Estate, has landed a $108 million construction loan for a residential condominium project. Located at 615 Tenth Ave., the seven story scheme will offer 82 units and 36,053 sqf of retail space, 76 percent of which has already been preleased to retail giant Target. The loan was arranged by Eastern Consolidated Capital Advisory Division through Bank of the Ozarks. Xin bought the former gas station and convenience store site with a bridge loan arranged by Eastern Consolidated Capital with Bank of the Ozarks in 2016 for $27 million.
“XIN’s ability to secure a prelease 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,” stated Managing Director Adam Hakim.
