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.
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.