"BHI provided a $167 million construction loan to Yellowstone Real Estate Investments for the conversion of the Candler Building into a 176-unit residential tower with retail space, totaling $203 million in financing."
"Forty-four of the apartments in the Candler Building are expected to be designated as affordable housing under New York's 467-m incentive program for commercial-to-residential conversions."
"Gil Karni, CEO of BHI, stated that the bank has long played an active role in Manhattan's development and is engaged in the city's push to convert office buildings into housing."
"Isaac Hera, CEO of Yellowstone Real Estate Investments, noted that BHI's familiarity with Manhattan transactions made it a valuable partner, providing the certainty needed for repositioning opportunities."
The Candler Building in Midtown Manhattan will be transformed into a 176-unit residential tower with 18,174 square feet of retail space. BHI provided a $167 million construction loan and $36 million in mezzanine financing, totaling $203 million. Forty-four apartments will be designated as affordable housing under New York's incentive program. BHI's CEO emphasized the bank's commitment to Manhattan's development and support for converting office buildings into housing. Yellowstone Real Estate Investments is advancing multiple redevelopment projects in New York City.
Read at The Jerusalem Post | JPost.com
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