A Chinese property company building a high-end condo tower in Williamsburg, Brooklyn, has tapped Fortress Investment Group FIG -1.01% for a $165 million loan for the project.
Xinyuan Real Estate Co. XIN -4.10% , which lists shares on the New York Stock Exchange, says the loan is the largest to a Chinese company working on a U.S. project without a local partner.
Xinyuan had offers from other U.S. lenders, but the company had borrowed money from Fortress in 2007 for various projects in China. "So we felt most comfortable with them as a finance partner," says Omer Ozden, Xinyuan's executive director of acquisition and finance.
The Chinese developer plans to complete the project in 2016 and sell many of the 216 residential units to Chinese investors, who are then expected to rent them out.