Xinyuan cuts debt on 92-unit Clinton condo project by 17% to $90M from Ares Capital

The China-based Xinyuan Real Estate through the entity Hudson 888 Owner LLC as borrower signed a loan agreement with lender Ares Capital through the entity DREG Cared Lender LLC valued at $90 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 92 residential units at 615 10th Avenue in Clinton. The deal closed on January 12, 2021 and was recorded on January 27, 2021.

The average loan per unit is $978,000.

The project is being marketed as Bloom on 45th with the address 500 West 45th Street.
The condo plan was filed in 2018, but the state’s website does not indicate that the plan has been declared effective. The project was given its initial temporary certificate of occupancy in November 2019.

The signatory for the loan was Pietro Amato for Xin Development Group, a division of China-based Xinyuan. The debt was cut from a $108 million construction loan provided in 2017 by Bank OZK.
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $1,296,545.

There has been one new building permit application. Those plans include a total of 92 residential or hotel units.

There have been 3 demolition projects filed over the past five years.

Direct link to Acris document. link