Chinese Property Company Taps Fortress Investment Group for $165M for the Oosten Williamsburg Condos
Back in 2012, Chinese company Xinyuan Real Estate Co. purchased a $54.2 million, 92,000-square-foot, Kent Ave. site in Williamsburg for its first development in the U.S. — which they said, of course, would be slated for a luxury condo building. Now it looks like their dev team is ready to kick it into high gear and Xinyuan has enlisted the help of Fortress Investment Group in the form of a $165 million loan. An interestingly enough, the project is the beautiful Oosten condo development designed by Dutch architect Piet Boon.
Curbed got ahold of the renderings, and the design is decisively luxurious, much in the vein of the modern glass towers going up around the neighborhood, but with a whole lot more private green space — a 13,860-square-foot landscaped courtyard to be exact. The condo will host all the usual amenities, including a fitness center, a 55-foot pool, and potentially a rooftop pool.
The loan is the largest ever granted to a Chinese company working stateside without a U.S. partner. The WSJ reports that there were several other lenders vying for Xinyuan’s attention, but they ultimately went with Fortress because the investment company had previously financed a number of Xinyuan’s other projects in China. Xinyuan plans to complete the condo project in 2016, selling off many (40% as previously reported) of planned the 216 residential units and 15 townhouses to Chinese investors who would in turn rent them out to regular folks looking to get in on Williamsburg’s action.
[Official Website: The Oosten]