Elad lands $90M loan for 15-story
Hell’s Kitchen condo

Bank Hapoalim financing is on top of a $42M acquisition loan in 2014

Apr.April 04, 2017 04:10 PM

Yitzhak Tshuva and a rendering of 505 West 43rd Street (Credit: ODA)

Yitzhak Tshuva’s Elad Group locked in $90 million in construction financing for a Hell’s Kitchen condominium project.

Israel-based Bank Hapoalim is providing the mortgage for the 15-story development at 505 West 43rd Street, property records show. The bank also gave Elad a $42 million acquisition loan in 2014.

Elad TRData LogoTINY, owner of The Plaza Hotel and co-developer of 1 West End Avenue with Silverstein Properties, bought the block-through site, located between 10th and 11th avenue, for $43 million from Rhode Island-based hospitality group Magna. Magna picked up the empty lot, which is located over a set of sunken train tracks, for $42 million in 2008 from hotelier Sam Chang’s McSam Group.

Representatives for Elad declined to comment on the loan.

In 2015, the developer submitted plans with the city’s Department of Buildings to Build Over The Amtrak Tracks Running Under The 43rd Street property. Plans called for a 179,543-square-foot building with 123 apartments, including market-rate condos and affordable units.

Late last year, Elad disclosed plans to raise $60 million by selling bonds on the Tel Aviv Stock Exchange, but those plans seem to have stalled.

Elad is also partnering with Miami-based Peebles Corporation at 108 Leonard Street in Tribeca, where the developers are converting a 419,000-square-foot building into condos. The building, with an alternate address of 346 Broadway, will have 151 units plus a community facility and commercial space, according to DOB filings.

Chava Gourarie contributed reporting.

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