Xinyuan Real Estate borrowed $55M from EB-5 entity against unsold Oosten condo units in Williamsburg

Xinyuan Real Estate Company’s U.S. division, XIN Development through the entity 421 Kent Development, LLC as borrower signed a loan agreement with lender EB-5 entity American Regional Center for Entrepreneurs through president Lily Guo through the entity Kent EB-5, LLC valued at $55.0 million for 39 parcels, including the tax class residential condo in Acris (SC) and containing 39 residential units at 429 Kent Avenue in Williamsburg. The deal closed on March 9, 2017 and was recorded on November 8, 2019.

The EB-5 group headed by Lily Guo disclosed in public records for the first time that it provided the $55 million loan to the Oosten condominium’s developer Xin in March 2017. That loan came two months after Xin paid down a building and project loan from Fortress Investment Group from 2014 totaling $165 million in recorded debt. The newly disclosed loan covers 39 unsold units including three penthouse units and five townhouse units. The condo board represented by First Service and Adam Leitman Bailey filed a lien in January 2019 claiming that Xin had not paid the common charge for several months for some units totaling $252,752, the New York Post reported. The lien was removed several days after the filing.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.