March 29, 2017 Comments Off on $108M to Build XIN’s West Side Condos Views: 375 Midtown New York, New York News

$108M to Build XIN’s West Side Condos

XIN Development International Inc. took out a $108 million loan to build a seven-story, retail and luxury residential building at 615 10th Ave.

“This is a fantastic location for XIN Development, in the heart of the rapidly developing Midtown West section of Manhattan,” said Adam Hakim, a managing director for Eastern Consolidated, which arranged the financing with Bank of the Ozarks. Last year, Hakim arranged a $27 million bridge loan with Bank of the Ozarks to help XIN Development finance the acquisition of the site, previously home to a gas station and convenience store.

The new building will eventually include 82 condominiums and 36,053 square feet of retail space, of which 76% has already been leased to a national credit tenant. The site features 200-feet of frontage on Tenth Avenue and 125-feet of frontage on the corners of West 44th and West 45th Streets.

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