Bank Hapoalim Lends $25M on Dumbo Condo Project

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Tankhouse’s Sam Alison-Mayne and Sebastian Mendez have nabbed $25 million in construction financing to build a new condominium development in Brooklyn’s Dumbo neighborhood, Commercial Observer has learned.

Meridian Capital Group negotiated the debt deal for the ground-up construction of 219 Jay Street with a team that included Senior Managing Director Adam Hakim and Senior Vice President James Murad.

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Meridian officials declined to comment on the lender’s identity, but sources familiar with the transaction confirmed it was Bank Hapoalim

“Tankhouse has carved out a niche as one of the premier developers of boutique Brooklyn condominium projects with a unique product offering that is exactly what buyers in the post-COVID environment are looking for,” Hakim said in a statement. “By providing a unit mix that features outdoor space and multiple sides of exposure in each of the homes, buyers can take full advantage of the usable space within their units at price points that remain very attractive.”

When complete, the 13-story property will offer 27 condo units across roughly 40,000 sellable square feet. All units will feature outdoor space.

Representatives for Bank Hapoalim and Tankhouse did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com