BHI Provides $35 Million In Financing to Naftali Group for A 70-Story Mixed Used Development
August 14, 2024
Source: BHI
BHI, the U.S division of Bank Hapoalim and a full-service commercial bank, today announced that it has provided $35 million to Naftali Group, a leading privately held, global real estate development and investment firm, in predevelopment financing for a 70-story tower located at 1016 NE 2nd Avenue in Miami Florida. The luxury mixed-use development will consist of 259 for-sale condominium units and 530 multifamily rental units, as well as 3,259 NSF of ground floor retail and 283,863 square feet of parking.
Located within Miami Worldcenter, at the northwest corner of NE 10th Street and NE 2nd Avenue, the development is in close proximity to the major transportation arteries, including I-95, the Dolphin Expressway (State Road No. 836), Biscayne Boulevard and Brickell Avenue, as well as the Metrorail commuter train and the Metromover elevated train system.
Specializing in new development, luxury condominiums, commercial, mixed- use rentals properties and other assets, Naftali’s portfolio is comprised of more than 28 past and current projects, encompassing more than $9 billion in total value. Recently, Naftali Group completed raising $150 million for their debt fund (institutional investors and High Net Worth individuals).
BHI has enjoyed a long-standing relationship with Naftali Group, having recently served as agent and lead on two luxury condo construction loans on Madison Avenue in Manhattan. BHI is currently an agent and lead lender for an approximately 200,000 GSF luxury condominium building with ground floor commercial space and a parking garage located in the Upper West Side.
“Working with an existing customer who is well-respected in the market and has a strong track record for developing and delivering timely and timeless properties is always a pleasure,” said Ilana Druyan, Senior Vice President -Team Leader and Head of International Origination – CRE at BHI. “We’re excited for Naftali Group to continue executing their vision and create more compelling inventory in the Miami market.”
“BHI has continuously served as a strong and active partner in supporting our developments and their speed, responsiveness, and capabilities to right-size their financing to the specific needs of each individual project ensures that we’re at the ready as an organization, able to execute and deliver,” said Miki Naftali, Chairman and CEO of Naftali Group.
About BHI
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. For more information, visit www.bhiusa.com.
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