BHI Supplies $35M Construction Loan for Jersey City Apartments

Yuval Shram’s Tay Investments has secured $35 million of construction financing to build a multifamily development in Jersey City, Commercial Observer has learned.

BHI, the U.S. branch of Bank Hapoalim (BKHYY), provided the loan for the real estate private equity fund’s planned 202-unit project at 277-301 West Side Avenue. Tay Investments acquired the  property, which previously housed a warehouse, from IPRG for $9.35 million in May 2024 with plans for an adaptive reuse project to convert it from industrial use to residential. 

The 213,282 square-foot property will consist of a six-story apartment building along with 5,800 square feet of retail space and 100 parking spots. The residential unit mix will include 42 studios, 119 one-bedrooms and 32 two-bedrooms, with 10 percent of the apartments designated as affordable housing. Community amenities will feature a fitness center, a yoga studio, a sauna, an outdoor swimming pool, a hot tub and barbeque areas.

“We look forward to continuing our ongoing relationship with Mr. Shram and continue working with developers aiming to identify opportunities to add value to compelling markets,” Ilana Druyan, senior vice president and head of international origination at BHI, said in a statement.

Shram said in a statement that BHI has been the lender for many of Tay Investments’ previous projects and has enabled it to “execute our goals and accelerate our opportunities to provide more value to the communities we serve.” 

Andrew Coen can be reached at acoen@commercialobserver.com