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BHI Furnishes $80M Construction Loan for Gramercy Park Condo Project

Full-service commercial bank BHI provided an $80-million construction loan to 200 East 20th St LLC. Owned by a Tidhar Group affiliate, the 200 East project is a development of a new condominium building located at 20th Street and Third Avenue in the Gramercy Park neighborhood of Manhattan. 

“We have maintained an ongoing banking relationship with the Tidhar Group and are excited to provide the financing for the firm’s prestigious new project in Gramercy, one of the most dynamic areas of Manhattan,” said Ilana Druyan, first VP, real estate international at BHI. “ 200 E. 20th St. complements our strategic focus on residential condominium developments and the financing of significant projects in key locations.” 

Designed by CetraRuddy Architecture, and spearheaded by Yoel Shargian, the 84,450-square-foot building will rise 19 stories and consist of 52 residential units, with ground-floor retail spanning 2,730 square feet. Completion is anticipated for 2024. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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