BHI Lends $35M on Brooklyn Apartments Build

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The Jay Group has sealed $34.8 million of construction financing to build a multifamily development in Greenpoint, Brooklyn, Commercial Observer has learned.

BHI, a U.S. division of Israel-based Bank Hapoalim (BKHYY), provided the loan for the developer’s  70-unit project at 210 Greenpoint Avenue, the site of a former Speedway gas station. 

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Meridian Capital Group’s Morris Betesh, Omar Ferreira and Dov Jeremias arranged the transaction. 

“Despite the challenging capital markets environment, lenders are still actively financing quality projects developed by quality sponsors like The Jay Group,” Betesh said in a statement. 

The nine-story 210 Greenpoint development will include nearly 6,300 square feet of ground-level retail space, more than 7,500 square feet of basement retail space, and 28 on-site parking spaces. Twenty-one of its apartments will be designated as affordable housing under the Affordable New York Housing Program.

“This will be a highly desirable multifamily development, with abundance of amenities, in one of the most popular areas of Brooklyn,” Ilana Druyan, first vice president international commercial real estate at at BHI,” said in a statement. “This will be BHI’s second project with the Jay Group, which has a successful track record of quality buildings and excellence.”

Officials at the Jay Group did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com