Xin Development Group International, the US-based arm of China’s Xinyuan Real Estate, is currently dealing with foreclosure challenges for a Manhattan property. This marks the third instance of such issues for the Chinese developer.
The property in question is an eight-story luxury condo with 92 units located at 500 West 45th Street in Hell’s Kitchen. It was completed in 2020 and underwent refinancing in 2021, securing $90 million senior debt from Ares Capital and $30 million mezzanine debt from a subsidiary of The Georgetown Company.
Foreclosure proceedings have been initiated by mezzanine lenders on this property, with an auction scheduled for October 11. The successful bidder will acquire ownership of both the building holding company and senior loan along with any outstanding payments. Notably, Target serves as an anchor tenant at this location.
