Meridian Capital Group

BHI Lends $35M on Brooklyn Apartments Build

May 03, 2023

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. 

Meridian Capital Group’s Morris BeteshOmar 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.

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

Featuring:
Morris Betesh
Senior Managing Director
Origination
(212)612-0105
[email protected]
Omar Ferreira
Vice President
Underwriting and Loan Placement
(212)612-0150
[email protected]
Read Article
Recent Articles | Back to News

New York City - A resilient market - by Shallini Mehra

Article
May 3, 2023

BK Mixed-Use Condo Lands $33M

Article
May 3, 2023

Highcap Group and Meridian Capital sell40,000 s/f for $22 million

Article
May 3, 2023

Top Leases in December Highlight Diverse Retail Landscape

Article
May 3, 2023

Meridian Capital Group Reports End-of-Year Activity

Article
May 3, 2023

Luxury furnishings company RH buys the building that contains its hotel

Article
May 3, 2023