DTZ Americas, Inc., a division of UGL Limited, has been retained as exclusive financial advisor to raise $53 million in project finance for the redevelopment and expansion of five existing mixed-use, residential and retail properties in Tel Aviv, Israel. The project is being developed by Tel Aviv-based Concepteam S.A..The DTZ team heading the capital raise is led by managing director Jeffrey Donnelly, vice president Marc Civitillo, and associate vice president Joel Weinberg of the New York office’s Real Estate Investment Banking Services division.
The project, “Benjamin Village” is located in the historic City Center submarket of central Tel Avivat the nexus of the stock exchange/financial district, a well-known outdoor market, and several high end/luxury residential neighborhoods. Nachalat Benyamin is known for its pedestrian thoroughfare, and is a five-minute walk to the beach. The project will consolidate and expand five existing properties into three mixed use buildings that will result in 66 luxury apartments and townhouses, 72,000 s/f of retail space, and 126,000 s/f of parking garage space.
Benjamin Village will deliver much-needed apartments into a chronically supply-constrained market in one of Tel Aviv’s most desirable neighborhoods. Donnelly said, “This is a tremendous redevelopment project in central Tel Aviv being executed by an exceptionally well qualified sponsor team that includes the former Chief Architect of Tel Aviv, a former Knesset (Parliament) member, and three very experienced real estate developers with a long list of major projects in Israel and Europe under their belts that demonstrate a very clear track record of success.”