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BHI Provides $80MM Construction Financng for New Gramercy Park Condo

January 12, 2023, 07:36 AM
Filed Under: Real Estate

BHI provided an $80 million construction loan to 200 East 20th St LLC. Owned by the Tidhar Group affiliate, the 200 East project is a development of a new condominium building located at 20th Street and Third Avenue in the Gramercy Park neighborhood of Manhattan.

Designed by CetraRuddy Architecture, and spearheaded by Yoel Shargian, the 84,450-square-foot building will rise 19 stories and consist of 52 residential units, with ground floor retail spanning 2,730 square feet.  Building amenities will include a doorman, concierge, shared outdoor terraces on the second floor and rooftop, a fitness center, pet spa, children’s room and bicycle storage.  Completion of the project is anticipated for 2024.

“We have maintained an ongoing banking relationship with the Tidhar Group and are excited to provide the financing for the firm’s prestigious new project in Gramercy, one of the most dynamic areas of Manhattan.  200 E. 20th Street complements our strategic focus on residential condominium developments and the financing of significant projects in key locations,” said Ilana Druyan, First Vice President, Real Estate International at BHI.

“BHI worked in close partnership with us to complete this transaction.  The bank’s commercial real estate team has extensive expertise in the New York City market, understands the needs of our business and continues to support our ongoing initiatives,” said Gil Geva, Chairman of Tidhar Group.   
BHI, the U.S division of Bank Hapoalim, Israel's leading financial institution, provides commercial banking solutions to middle market clients in sectors including: commercial real estate; general, domestic and Israeli C&I; private equity; food and beverage; apparel; healthcare; corporate banking; and high-tech.  In addition to its New York headquarters, the bank operates U.S. Representative Offices in Woodcliff Lake, New Jersey; Miami, Florida; and Los Angeles, California.

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