Bank Leumi provided the debt to the Israeli firm
Minrav Development has secured $116.7 million in financing from Bank Leumi for their planned residential condo project at 368 Third Avenue. Plans call for the development of a 113,000 SF tower. The Kips Bay site is now comprised of five contiguous rental properties that are located between East 26th and East 27th Streets.
Financing breakdown: The new loan package consists of a $42.5 million acquisition mortgage, a $48.2 million construction loan, and a $26 million project loan, according to TRD.
Flashback: Minrav Development acquired the site from Itzhaki Acquisitions and Continental Ventures for $64 million. With a land basis of $551 a foot, Minrav will build condos.
Historical context: Itzhaki paid $50 million for the site in 2015. With the slowdown in the development market, it’s impressive that he walked away with a profit.