Xin Development Faces Foreclosure on Midtown Condo
Xin Development Group International, the United States development arm of China’s Xinyuan Real Estate, is confronting foreclosure issues in Manhattan, marking the third such instance for the Chinese developer.
The luxury condo in question is an eight-story, 92-unit property located at 500 West 45th Street in Hell’s Kitchen, constructed in 2020. In 2021, it was refinanced with $90 million in senior debt from Ares Capital and $30 million in mezzanine debt from a subsidiary of The Georgetown Company. The mezzanine loan, in turn, was sold, ultimately landing in the possession of experts specializing in shell companies concealed within limited liability entities.
Mezzanine lenders have filed for foreclosure on the property, scheduling an auction for October 11. The winning bidder will acquire the holding company that owns the building and the senior loan, along with any outstanding payments. The property is anchored by Target.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.