White Oak Real Estate Capital (WOREC), an affiliate of White Oak Global Advisors, provided a $51 million senior secured loan to a wholly owned subsidiary of Xin Capital for the acquisition of Times Square West, a 144.5K square foot mixed-use assemblage containing 17.5K square feet of ground-level retail and 127K square feet of newly renovated office space in New York City.
“We are thrilled to collaborate with Xin to facilitate the acquisition of this property and bridging them through the transformation of the vacant office space into a dynamic, high-traffic destination for world-class food and retail experiences,” Eric Tanjeloff, managing principal at WOREC, said. “The property’s strong cash flows and prime tenancies provide a compelling opportunity for our investors.”
“We are very pleased with WOREC’s execution on this financing which allowed us to take advantage of what we believe is a once in a lifetime opportunity to buy undervalued assets in Manhattan,” Jerry Tang, founder of Xin Capital, said.
