BHI Provides Condo Inventory Loan for Ground-Up Luxury Project
BHI, the U.S branch of Bank Hapoalim, B.M., provided a $200-million condo inventory loan to Malabar Residences, a newly constructed ultra luxury residential condominium and ground-floor retail building located at 126 E. 57th St. and developed by MRR Development.. The financing retires Malabar Residences’ existing construction loan as the project nears completion and enters its TCO phase.
Malabar Residences is an approximately 200,000-square-foot, 29-story development with 145 residential units, ranging from 508 square feet to 2,992 square feet,. Projected sale prices range from $1.36 million to $13.5 million per unit.
“BHI has long believed in the enduring strength and evolution of New York City, and Malabar Residences reflects what can be achieved when experienced sponsorship, thoughtful vision, and strategic capital align,” said Gil Karni, CEO, BHI. “We are proud to support developments that contribute lasting character and vibrancy to the fabric of the city, and MRR Development is exactly the kind of partner we value.”
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Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout