Bank Hapoalim Lends $20M on Brooklyn Condo Development

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Bank Hapoalim has provided a $19.6 million loan for the ground-up construction of a boutique luxury condominium building on the border of Brooklyn’s Gowanus and Boerum Hill neighborhoods, Commercial Observer has learned. 

SEE ALSO: Adam Neumann, Jeff Dagowitz Land $75M Bridge Loan for Chelsea Development Site 

Meridian Capital Group’s Adam Hakim and James Murad negotiated the 30-month debt on behalf of Tankhouse’s Sam Alison-Mayne and Sebastian Mendez.

The five-story property, at 450 Warren Street between Bond and Nevins Street, will include 18 residences — each with private outdoor space — as well as 4,015 square feet of commercial space. The boutique condo development will be the first of its kind following Gowanus’ rezoning. 

Dumbo, Brooklyn-based Tankhouse filed permits for the five-story building in July 2019.

“Tankhouse has identified an ideal site that benefits from the beautiful residential streetscape of Boerum Hill combined with the exciting explosion of growth coming from Gowanus,” Hakim said.  “Additionally, Bank Hapoalim did a fantastic job of working through this closing in an uncertain time and providing the borrower with the funding needed to see construction of this project through to fruition.”

Last month, the same Meridian team arranged $29 million in construction debt for a new mixed-use development in Queens. Bank OZK was the lender in that instance.