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

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.