Brooklyn, NY Kriss Capital has provided a $45 million condo inventory loan to Xin Development Group, the developer of the Oosten/The Reserve, a collection of luxury new condo units, lofts and townhomes available at the South Williamsburg waterfront development.
Vanadium Realty LLC, a Manhattan-based real estate development and investment firm, headed by real estate veteran Stephen Muller, represented the borrower, to secure the inventory loan through Kriss Capital, a New York-based real estate bridge lender with a focus on ground-up development, renovation, adaptive reuse, and condo inventory debt strategies.
“Leveraging our first hand understanding of residential development along with our global network of relationships, Vanadium was able to quickly arrange the right capital and terms to meet borrower objectives.” Muller said. “Kriss Capital was excellent to work with; we closed on the initial terms quoted and ahead of schedule… It also didn’t hurt that Oosten/The Reserve includes some of the finest homes in the Williamsburg market.”
Designed by Dutch architect Piet Boon, The Oosten is a 216-unit condominium at 429 Kent Ave. and offers as many amenities as it does modern aesthetic details. The Reserve collection offers three-bedroom units as well as lofts, duplex homes, penthouses, and townhouses that feature large floor plans, private outdoor areas and/or private parking facilities. The building’s glass façade with gunmetal-framed floor-to-ceiling windows gives every residence the modern touch, as well as a taste of the original Williamsburg. For the interiors, Boon’s design features calming colors and clean lines that accentuate features of the homes. An indoor swimming pool, a children’s playroom with a bouncy-house, a 13,000 s/f green courtyard and more. URBN Playground, the onsite lifestyle concierge, provides both adults and children with activities.
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