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BLDG Management taps Israeli financing source for $30M construction loan

Israeli-giant Bank Hapoalim USA has funded a $30 million construction loan to BLDG Management for the development of a luxury East Village rental building.

Richard Bassuk, chief executive officer, and Drew Fletcher, president, of Greystone Bassuk, announced the closing of a loan with Bank Hapoalim USA on behalf of an affiliate of BLDG for the 45-unit apartment building located at 11 Avenue C.

Greystone Bassuk Managing Director, Matt Klauer, also assisted in the debt placement for the transaction.

The project is located on a thru-block, irregular site bounded by East Houston Street, Avenue C and East 2nd Street in the East Village.

Once complete, it will be a 10-story, building with 55,000 gross square feet and 4,100 s/f of street-level retail.

Looking to catering to “today’s millennial renter,ˮ the project will offer a lifestyle-focused set of amenities and several of the apartments will have private outdoor space, according to Greystone Bassuk.

“BLDG has been one of New York City’s preeminent multifamily owners for generations, and over the past several years they have made a strategic shift into ground-up development,” said Fletcher. “We had the great pleasure of advising BLDG on their first solo construction financing in 2015, and we are thrilled to have represented them once again on this exciting project as they continue to grow their development portfolio.”

Lloyd Goldman, president of BLDG, commented, “One of our objectives with this financing was to identify new capital relationships to help support our expanding development pipeline.

“Greystone Bassuk’s extensive capital markets knowledge and deep network of senior level relationships allowed us to achieve the best possible execution for our project – and in the process, we also obtained a valuable new financing partner with Bank Hapoalim.”

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