Adam Hakim, managing director, and James Murad, director of Eastern Consolidated's capital advisory division arranged the financing for XIN Development with the lender, Bank of the Ozarks.

Last year, Hakim arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property, which was previously home to a gas station and convenience store.

“This is a fantastic location for XIN Development, in the heart of the rapidly developing Midtown West section of Manhattan,” declares Hakim. “XIN Development is an experienced sponsor that has developed high-end residential buildings with luxury units and an array of amenities in other parts of New York City.”

Adds Can Tavsanoglu, director of acquisitions & finance at XIN Development, “It was a pleasure working with Adam and James at Eastern Consolidated as well as the entire Bank of the Ozarks team to close our econd transaction in the last 15 months.”

XIN Development 's other projects here include The Oosten, a 489,000-square-foot residential and retail development at 429 Kent Ave. in the Williamsburg section of Brooklyn, where a four-bedroom is renting for $18,500 per month and a six-bedroom penthouse recently sold for $6.5 million.

Reportedly the first and only Chinese real estate developer listed on the New York Stock Exchange, XIN builds large scale residential projects in high growth cities in China including Beijing, Shanghai and many others.

To date, XIN has com­pleted over 45.3 million square feet of development across 32 projects, with a pipeline of another 25 projects totaling 50.7 million square feet.

NEW YORK CITY—A residential and retail development in Midtown just landed a hefty construction loan.

Located at 615 Tenth Ave.—and featuring 82-unit residential condominiums along with 36,053 net square feet of retail space on the ground floor and lower level—the project just got substantial backing with a a $108 million construction loan.

The seven-story asset is being developed by XIN Development International, the US development arm of Xinyuan Real Estate Co., which is based in Zhengzhou, China.

The project will include 71,699 net square feet of residential space and the aforementioned retail offering, 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.

Adam Hakim, managing director, and James Murad, director of Eastern Consolidated's capital advisory division arranged the financing for XIN Development with the lender, Bank of the Ozarks.

Last year, Hakim arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property, which was previously home to a gas station and convenience store.

“This is a fantastic location for XIN Development, in the heart of the rapidly developing Midtown West section of Manhattan,” declares Hakim. “XIN Development is an experienced sponsor that has developed high-end residential buildings with luxury units and an array of amenities in other parts of New York City.”

Adds Can Tavsanoglu, director of acquisitions & finance at XIN Development, “It was a pleasure working with Adam and James at Eastern Consolidated as well as the entire Bank of the Ozarks team to close our econd transaction in the last 15 months.”

XIN Development 's other projects here include The Oosten, a 489,000-square-foot residential and retail development at 429 Kent Ave. in the Williamsburg section of Brooklyn, where a four-bedroom is renting for $18,500 per month and a six-bedroom penthouse recently sold for $6.5 million.

Reportedly the first and only Chinese real estate developer listed on the New York Stock Exchange, XIN builds large scale residential projects in high growth cities in China including Beijing, Shanghai and many others.

To date, XIN has com­pleted over 45.3 million square feet of development across 32 projects, with a pipeline of another 25 projects totaling 50.7 million square feet.