Xin Development signs $32.5M refi with Avant Capital for retail in Hell’s Kitchen

Xin Development Group International through the entity Hudson 888 Owner Retail LLC as borrower signed a refi loan with lender Avant Capital through the entity Bluebird Credit EM LLC valued at $32.5 million for five retail properties including the retail condo at 615 10th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on December 6, 2024 and was recorded on December 13, 2024. The five properties have 35,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $928 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Xin Development Group International was Sheng Zhang. The signatory for Avant Capital was Adam Luysterborghs. The Commercial Observer reported on this loan last week.

Xin Development Group, a division of the China-based Xinyuan Real Estate, sued the debt holder BH3 Management in November 2023 at the 92-unit condominium project, as the parties battled over a forbearance agreement. The developer filed the bankruptcy through the entities Hudson 888 Owner LLC

Case 24-10021

Bloom on Forty-Fifth affidavit pdf

The property

The retail condo in Hell’s Kitchen has 35,000 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 28,137 square feet. The city-designated market value for the property in 2022 is $12.9 million. The most recent loan totaled $56.7 million and was provided by Dof Ii-Bloom Senior LLC on October 15, 2024.

Violations and lawsuits

The properties were involved in one lawsuit and one bankruptcy over the past two years. The suit was a $90 million money judgment concerning a loan filed on November 21, 2023, by Xin Development Group International and Xinyuan Real Estate against BH3 Management. The bankruptcy was filed on January 7, 2024, by Xin Development Group International and Xinyuan Real Estate citing assets of $123 million. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by HUDSON 888 OWNER LLC to create 92 residential units in a building at 625 10 Avenue in Hell’s Kitchen, Manhattan, called Bloom On Forty-Fifth that has a $146.5 million sellout, according to an May 04, 2018 submission to the New York State Attorney General.

The neighborhood

In Hell’s Kitchen, The bulk, or 39 percent of the 40.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has 2.6 times the average sales volume among other neighborhoods with $667.8 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Hell’s Kitchen has 2.7 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are specialty.

The borrower

The PincusCo database currently indicates that Xin Development Group International owned at least one commercial property in New York City with 80,541 square feet and a city-determined market value of $10 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Queens.

Direct link to Acris document. link