Xin Development sues lender BH3 Management over 92-unit Hell’s Kitchen condo loan

Xin Development Group International, the developer of the 92-unit condominium project Bloom on 45th at 500 West 45th Street in Hell’s Kitchen, Manhattan, sued lender BH3 Management in New York State court last week, under index number 161355/2023.

The case is sealed, so the specifics were unknown. The case type is “commercial contract,” often focused on terms of a loan.

Xin Development is a division of Xinyuan Real Estate. BH3 Management is a real estate investment, operations, and development firm based in Fort Lauderdale, Florida.

Xin Development through the entity Hudson 888 Owner LLC filed the suit on November 21, 2023. The respondent is BH3 Management’s entity, DOF II-Bloom Senior LLC, which bought the $90 million senior loan on April 26, 2023, according to city property records.

Bisnow reported in September 2023 that a very similar-named entity, DOF II-Bloom Mezz LLC, scheduled a UCC foreclosure auction for October 11, 2023. It’s not clear what the outcome of that was or if it was delayed or cancelled. Bisnow did not identify the company behind the LLC.

Direct link to the property’s ACRIS page.