Xin Development Group has closed on a $45 million inventory loan for The Oosten Condominiums in South Williamsburg, Brooklyn. The owner and developer will use the inventory loan to pay off remaining construction loans secured to finance completion of the property.
Completed in 2015, the condominium building is located at 429 Kent Avenue and comprises 216 units with listing prices ranging from $965,000 for a one-bedroom up to $6.5 million for a five-bedroom penthouse.
The building was designed by Dutch architect Piet Boon with Think! Architecture & Design. The façade comprises a mix of gunmetal-framed windows, off-white cladding, and tan masonry elements. The shape property resembles a large “O,” with a landscaped communal courtyard and private terrace facing the inside.
Interior courtyard at The Oosten
Interior courtyard at The Oosten
Amenities include an indoor swimming pool, a children’s playroom, a roof-level terrace, an on-site concierge, storage facilities, and a sub-grade parking garage.
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 bridge lender Kriss Capital.
“Leveraging our firsthand understanding of residential development along with our global network of relationships, Vanadium was able to quickly arrange the right capital and terms to meet borrower objectives,” said Vanadium founder and managing principal Stephen Muller. “Kriss Capital was excellent to work with. We closed on the initial terms quoted and ahead of schedule.”
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