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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.”
- ◦Development
- ◦Financing
