Israeli Bank Provides $52M Refi on NYC Apartment Portfolio
The Namdar Group and partners now carry $147.1 million of debt across 20 buildings, with the latest financing coming from Reznik Paz Nevo Trusts
By Brian Pascus June 6, 2024 1:04 pm
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The Namdar Group of Long Island and several business partners have secured $52 million to refinance 20 residential, hospitality and mixed-use properties across three boroughs in New York City.
The loan adds to an outstanding principal of $95.1 million, according to property records, bringing the total debt on the portfolio to $147.1 million.
Reznik Paz Nevo Trusts, an Israel-based bank, provided the financing to Namdar Group and its business partners, which include Klosed Properties and Kordvani Realty, according to property records.
Signatories on the loan documents include Igal Namdar, CEO of The Namdar Group; Steven Kashanian, managing principal of Klosed Properties, a Long Island-based developer and investment firm; and Troy Kordvani, CEO at Kordvani Realty, a family-owned real estate firm on Long Island.
The properties include the four-star Little Charlie Hotel at 837 Second Avenue in Murray Hill; 576 Ninth Avenue, home to Olde City Cheesesteaks & Brew in Hell’s Kitchen; mixed-use rental properties at 568 Ninth Avenue, 570 Ninth Avenue and 574 Ninth Avenue in Hell’s Kitchen; a mixed-use rental property at 191 Bedford Avenue in Brooklyn; and rental properties at 2505 and 2509 Hoffman Street in the Bronx.
All told, the 20 properties in the debt portfolio have 234,963 square feet of built space and hold approximately 267 rental units, according to PincusCo, which first reported the news.
The Namdar Group, Klosed Properties and Kordvani Realty did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
