Tishman Realty scores $60M loan for Hell’s Kitchen bulk condo buy

Bank Hapoalim provided acquisition loan for 70 units

New York /
May.May 24, 2021 03:30 PM
Daniel Tishman and Charlie West at 505 West 43rd Street. (Getty, Douglas Elliman)

Daniel Tishman and Charlie West at 505 West 43rd Street. (Getty, Douglas Elliman)

Tishman Realty & Construction landed a $60 million acquisition loan from Bank Hapoalim for its bulk buy at the Charlie West condo building in Hell’s Kitchen.

The U.S. division of the Israeli bank, BHI, provided the financing for Tishman Realty’s $90 million purchase of 70 condo units at the newly completed building.

Tishman Realty, along with its partner PIMCO, bought the condos from Elad Group, which developed the 123-unit building at 505 West 43rd Street. But as the condo market slowed, Elad decided to offload the remaining unsold units in a bulk sale.

A Newmark team of Dustin Stolly and Jordan Roeschlaub arranged the joint venture with PIMCO and the BHI financing.

Tishman and PIMCO plan to sell the units at a discount to what Elad was asking at the time of the deal.

And the new buyers didn’t have to look far for financing. BHI was familiar with the Charlie West, having provided Elad with financing for the project going back to the purchase of the site in 2014, including a construction loan and a condo inventory loan last year.

Tishman Realty CFO Obaid Khan pointed to BHI’s familiarity with the project when announcing the financing.

“They have demonstrated solid support of our marketing plans for these appealing residences,” he said.





    Related Articles

    arrow_forward_ios
    L-R: Savanna's Chris Schlank, Eastdil Secured's Will Silverman, JLL's Bob Knakal (Photos by Paul Dilakian)
    Office royalty talk conversions, distress and the “downsize upgrade” trend
    Office royalty talk conversions, distress and the “downsize upgrade” trend
    Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, 799 Broadway, iStock)
    Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
    Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
    East End Capital's Jonathon Yormak and 141 East Houston Street (141 East Houston Street, East End Capital)
    Boutique LES office scores blockchain firm as anchor tenant
    Boutique LES office scores blockchain firm as anchor tenant
    Vice Media CEO Nancy Dubuc and 225 Broadway (Getty Images, Google Maps, iStock)
    Refinery29 subleasing at 225 Broadway for move in with Vice
    Refinery29 subleasing at 225 Broadway for move in with Vice
    Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
    Miki Naftali, Meredith Marshall talk development, death of 421a
    Miki Naftali, Meredith Marshall talk development, death of 421a
    R-L: Willow's Kevin Danehy, Era Ventures' Clelia Warburg Peters, Fifth Wall's Brad Greiwe and The Real Deal's Hiten Samtani (Photo by Paul Dilakian)
    Real estate tech is coming for your business
    Real estate tech is coming for your business
    Industrious CEO Jamie Hodari and CBRE chief financial and investment officer Emma Giamartino (LinkedIn, CBRE)
    CBRE doubles down on flex-office provider Industrious
    CBRE doubles down on flex-office provider Industrious
    New York skyline
    Rising interest rates will dampen city’s investment sales market this year
    Rising interest rates will dampen city’s investment sales market this year
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...