Developers close $45 million inventory loan for Oosten condominiums in Williamsburg, Brooklyn
Xin Development Group has completed a $45 million inventory loan for The Oosten Condominiums in South Williamsburg, Brooklyn. The owner and developer will use the inventory loan to repay the remaining construction loans secured to finance the completion of the property.
Completed in 2015, the condominium building is located at 429 Kent Avenue and features 216 units with listing prices ranging from $965,000 for a one-bedroom apartment to $6.5 million for a five-bedroom penthouse. bedrooms.
The building was designed by Dutch architect Piet Boon with Think! Architecture & Design. The facade features a mix of bronze-framed windows, off-white cladding, and beige masonry features. The property is shaped like a large “O”, with a landscaped common courtyard and a private terrace facing the interior.
Facilities include an indoor swimming pool, children’s playroom, roof terrace, on-site concierge, storage facilities and underground parking.
Vanadium Realty, a Manhattan-based real estate development and investment firm, represented Xin Development Group to secure the inventory loan through New York-based real estate bridging lender Kriss Capital.
“Leveraging our first-hand understanding of residential development as well as our global network of relationships, Vanadium was able to quickly arrange the right capital and terms to meet the borrower’s objectives,” said the Founder. and CEO of Vanadium, Stephen Muller. “Kriss Capital was a great person to work with. We concluded on the initial terms quoted and ahead of schedule.
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