Rotem Rosen Snags $200M Loan for Malabar Residences

Rotem Rosen landed a $200 million condo inventory loan for his high-rise luxury condo project on Manhattan’s 57th Street, The Real Deal has learned.

MRR Development, led by Rosen and Indian billionaire Anand Mahindra, secured the loan from BHI for its 145-unit Malabar Residences at 126 East 57th Street, sources said. The loan replaces a $170 million construction loan from Bank OZK.

The new financing will be used to carry costs as the 29-story luxury condo project nears completion. Units at the Malabar range from studio to three-bedrooms with projected sales prices starting at $1.36 million and going to $13.5 million per unit. Douglas Elliman is handling sales.

Ackman-Ziff acted as an advisor to MRR.

Rosen’s firm acquired the 13-parcel assemblage from Turkish development firm Kiska Development in 2019 for about $100 million.

MRR soon faced challenges from the neighboring building owner at 124 East 57th Street, who refused to allow the firm access for pre-construction surveying. In 2022, a judge approved MRR’s request for access. Now, sources familiar with the project say the building is nearing a TCO.

Rosen has scored two big loans in the past few days. Last week, the developer landed $135 million in financing from the Israeli bond market for a development site in Miami’s Arts and Entertainment District and the Indigo Hotel in the Lower East Side, which is home to Mr. Purple.

BHI, the U.S. branch of Israel-based Bank Hapoalim, has also been active. The lender this week provided a $170 million loan to Nathan Berman and Idan Ofer’s office-to-residential conversion at 767 Third Avenue.