BHI Provides $200 Million Loan for Malabar Residences, A Newly Constructed Ultra Luxury Condominium Development Located at 126 E 57th Street

NEW YORK, June 5, 2026 – BHI, the U.S Branch of Bank Hapoalim, B.M. and a full-service commercial bank, today announced that it has provided a $200 million condo inventory loan to Malabar Residences, a newly constructed ultra luxury residential condominium and ground floor retail building located at 126 East 57th Street, Manhattan, NY, developed by MRR Development, a U.S. real estate powerhouse co-owned by world renowned industrialist Mr. Anand G. Mahindra and U.S. developer Mr. Rotem Rosen, and in collaboration with Mr. Yitzhaq Hajaj (Zahi Hagag), a developer and controlling shareholder of the distinguished Hagag Group. The financing retires Malabar Residences’ existing construction loan as the project nears completion and enters its TCO phase imminently. 

The Project is sponsored by MRR 1326 LLC. Drawing inspiration from India’s storied Malabar region, this iconic, fractal-inspired architectural masterpiece designed by ODA comprises an approximately 200,000-square-foot, 29-story ultra-luxury residential condominium development with 145 residential units, ranging from studios to three-bedroom residences, including four penthouse units, totaling 140,806 NSF, plus two ground-floor retail units totaling 4,114 square feet. Unit sizes range from 508 square feet to 2,992 square feet, with projected sale prices from $1.36 million to $13.5 million per unit. Located along Billionaires’ Row between Lexington and Park Avenue, the Property features its main residential entrance on 57th Street and extends block-through to a private porte cochère entry along East 56th Street.

“Malabar Residences represents a vision years in the making, and as we approach completion, the excitement around what we’ve built here is very real,” said Rotem Rosen, Co-Founder and Owner of MRR Development. “Even before completion, Malabar Residences has already received meaningful recognition at the 2025 Architizer A+Awards Vision Awards, a testament to its iconic, fractal-inspired architecture, sculptural form and singular design language. We are thrilled to be working with BHI as our lender for this next phase of the project. BHI brings the strength, sophistication and relationship-focused approach we value in a financial institution. Their confidence in Malabar Residences and collaboration with our team have been instrumental as we bring the project across the finish line and prepare to welcome residents to one of New York City’s most distinctive new ultra luxury offerings.”

"BHI has long believed in the enduring strength and evolution of New York City, and Malabar Residences reflects what can be achieved when experienced sponsorship, thoughtful vision, and strategic capital align,” said Gil Karni, Chief Executive Officer, BHI. “We are proud to support developments that contribute lasting character and vibrancy to the fabric of the city, and MRR Development is exactly the kind of partner we value — one with a clear vision, a strong track record, and a commitment to delivering exceptional residential experiences that will serve New Yorkers for generations to come.”

About BHI

BHI, the U.S Branch of Bank Hapoalim, B.M., 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 and specialty finance; renewable energy; healthcare; corporate banking; and technology and data centers.  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.