March 29, 2017
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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