Bank Leumi’s support of NEXT TLV
02.11.17 | Globes
In the clip alongside, we see partner Assaf Englard, head of our Banking and Finance Department, talking about client Bank Leumi’s support of NEXT TLV, a first of its kind urban renewal ‘vacate and reconstruct’ project under which three old row house buildings containing 72 apartments were slated for demolition and replacement by four new 8-storey buildings comprising 275 new apartments, a park, and a commercial precinct that will change the rather neglected face of La Guardia Street.
The developing group signed vacate-reconstruct agreements with all 72 owners of the old apartments, each of whom will receive a brand-new apartment. The rights to the remaining new apartments were sold to a purchasing group comprising c. 210 members.
HE & Co. represented both Bank Leumi’s mortgage division, which extended a credit line to the purchasing group members, and Bank Leumi’s construction and real estate division, which is providing credit to finance the guarantees to land owners and sales guarantees, and providing general financial support to the project.
Excitement was high at the start of demolition and the cornerstone laying ceremony attended by Israeli Minister of the Economy Eli Cohen, the developers (the Besser Group and the Urban Renewal Corporation), and the 72 apartment owners.