BHI Lends $60M for Tishman, PIMCO’s Manhattan Condo Units Purchase
A joint venture between Tishman Realty and PIMCO has landed $60 million of acquisition financing for its purchase of 70 units in Charlie West, a condominium building in Manhattan’s Hell’s Kitchen neighborhood, the developers announced Monday.
BHI, a U.S. division of Israel-based Bank Hapoalim (BKHYY), is supplying the loan, which will cover the bulk of Tishman and PIMCO’s acquisition of the units — which comprise 76,897 square feet — from Charlie West developer, the Elad Group. The total acquisition price is $87.4 million, according to BHI.
BHI is no stranger to the development, having previously provided its construction financing. Obaid Khan, CFO of Tishman Realty, said in a statement that BHI has become a “strong partner” offering “solid support” for marketing plans for the residences.
Located at 505 West 43rd Street, the 16-story project was completed in 2019 and includes 123 units. The asset’s amenities include an indoor/outdoor pool, rooftop terrace, fitness center, library, residents’ lounge, children’s playroom and bike storage.
“We are pleased to welcome Tishman Realty as a new client and look forward to a productive collaboration,” Ilana Druyan, BHI‘s head of international origination, said in a statement. “Charlie West is an extremely desirable building at affordable luxury price points, with a Midtown West location that continues to be one of the city’s fastest-growing areas.”