New York, NY—A Dentons Corporate and Real Estate team advised 421 Kent Development in obtaining a US$165 million multi-draw senior secured credit facility. Secured from an affiliate of New York investment management firm Fortress Investment Group, the loan supports the construction of a 216-unit luxury residential condominium project in Williamsburg, Brooklyn. Documentation for the facility closed on June 10, 2014. 

The project is being developed by New York-based developer XIN Development. Along with 421 Kent, XIN is a indirect US subsidiary of Beijing-based property developer Xinyuan Real Estate Co., Ltd.

The Brooklyn condo project represents Xinyuan’s first project in the US, as the NYSE-traded company primarily engages in developing large residential real estate projects in China. It is also one of the first large-scale residential projects in the US backed by a China-based sponsor and developer.

Real Estate partner Gary Goodman and senior managing associate Greg Fennell to lead the transaction. Kansas City Real Estate managing associate Ryan Westhoff, associate Martin Rice and New York associate Jonathan Jacobs also assisted on the transaction. 

Read more about the transaction in The Wall Street Journal and more about the development project in the New York Times.

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