Bank Hapoalim B.M. Provides $17.5M Construction Loan For University Heights Development Site

A development site located at 2395 Palisade Avenue in University Heights, Bronx has secured a $17,500,000 construction loan from Bank Hapoalim B.M. The site, owned by Timber Equities and represented by Jeff Torkin, was purchased in 2017 for $2.575M with a price per buildable square foot of $132. The site spans a total of 19,500 square feet and is zoned as R6A, allowing for the construction of 55 units.

Summary of transaction details

• Property Type: Development site
• Transaction Amount: $17,500,000
• Lender: Bank Hapoalim B.M.
• Landlord: Timber Equities - Jeff Torkin
• Units: 55
• Zoning: R6A

This financing deal highlights the successful partnership between Timber Equities and Bank Hapoalim B.M. The construction loan provides the necessary funds to develop the 19,500 square foot site into a residential complex with 55 units. With the guidance of Jeff Torkin, Timber Equities has strategically invested in this property, making it a valuable asset in University Heights, Bronx.