Fortress lends Chinese developer $165M for Brooklyn condos

Xinyuan Real Estate paid $54M for 2-acre site in 2012

TRD New York /
Jun.June 11, 2014 10:50 AM

Chinese residential developer Xinyuan Real Estate received a $165 million loan from investment management firm Fortress Investment Group for a condominium tower project in Williamsburg.

Xinyuan borrowed funds from Fortress in 2007 for several developments in China, and went back to the firm when seeking financing for the project. In 2012, Xinyuan paid $54.2 million for a two-acre site at 421 Kent Avenue, near South 8th Street. The deal marked the first time a Chinese company purchased a U.S. development site planned for more than a few units, as previously reported.

The condo project is slated to hold 216 units, which will be sold to Chinese investors. Those buyers will likely rent the condos out, the Wall Street Journal reported. Construction is expected to be completed by 2016.

Xinyuan executives told the Journal that the loan is the biggest to a Chinese firm on a U.S. project that lacks a local partner. [WSJ]Mark Maurer


Related Articles

arrow_forward_ios
Toby Moskovits, Fortress managing director Spencer Garfield and the 215 Moore Street Site (Moskovits by Sasha Maslov)

Toby Moskovits’ Bushwick Generator thrown into receivership

Toby Moskovits’ Bushwick Generator thrown into receivership
Caught up in a dozen recent lawsuits, Brooklyn developer Toby Moskovits blames her firm’s debt troubles on “collusion” and a “personal vendetta” (Illustration by The Real Deal; Moskovits by Sasha Maslov)

Creditors are banging on Toby Moskovits’ door

Creditors are banging on Toby Moskovits’ door
125 Greenwich Street (Credit: 125 Greenwich, iStock)

Fortress buys debt on troubled 125 Greenwich

Fortress buys debt on troubled 125 Greenwich
Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Real estate fundraising hits lowest level since 2013
A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)

Harry Macklowe just got $192M closer to building his Midtown skyscraper

Harry Macklowe just got $192M closer to building his Midtown skyscraper
The Closing: Dean Dakolias

The Closing: Dean Dakolias

The Closing: Dean Dakolias
Hidden Fortress: Behind SoftBank’s $3.3B buy of the asset manager

Hidden Fortress: Behind SoftBank’s $3.3B buy of the asset manager

Hidden Fortress: Behind SoftBank’s $3.3B buy of the asset manager
Eichner gets reprieve in power struggle over Flatiron condo project

Eichner gets reprieve in power struggle over Flatiron condo project

Eichner gets reprieve in power struggle over Flatiron condo project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...