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BHI Provides $29.25 Million Construction Financing to ZDJ Jamaica LLC
June 7, 2023
Source: BHI
BHI, a full-service commercial bank, announced that it has provided a $29.25 million loan to ZDJ Jamaica LLC. Funds from this loan will finance the construction of 138-45 Jamaica Avenue, located in Jamaica, Queens.
Upon completion, 138-45 Jamaica Avenue will be a seven-story ground-up mixed-use development comprised of 81 residential units, a retail space, and on-site parking. Thirty-percent of the units will be designated as affordable housing.
The 138-45 development is situated in the lively and culturally diverse community of Jamaica, Queens. This vibrant area boasts a rich historical background and is home to a bustling retail sector. In addition to its thriving retail scene, the property will benefit from its close proximity to various transportation options, making it a convenient hub for residents, retail customers, and visitors alike.
“The expert CRE team at BHI understood our needs and worked closely with us to facilitate a successful transaction,” said Jasper Wu, CFA.
“This transaction underscores our continued strategic focus on multi-family growth, and we welcome the opportunity to be a part of 138-45 Jamaica Avenue,” said Mimi Vu, FVP Head of N.A. Originations, BHI. "BHI remains committed to supporting continued property development and creating a positive impact in the areas we serve."
About BHI
BHI, the U.S division of Bank Hapoalim, 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; food and beverage; apparel; healthcare; corporate banking; and high-tech. 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.
Upon completion, 138-45 Jamaica Avenue will be a seven-story ground-up mixed-use development comprised of 81 residential units, a retail space, and on-site parking. Thirty-percent of the units will be designated as affordable housing.
The 138-45 development is situated in the lively and culturally diverse community of Jamaica, Queens. This vibrant area boasts a rich historical background and is home to a bustling retail sector. In addition to its thriving retail scene, the property will benefit from its close proximity to various transportation options, making it a convenient hub for residents, retail customers, and visitors alike.
“The expert CRE team at BHI understood our needs and worked closely with us to facilitate a successful transaction,” said Jasper Wu, CFA.
“This transaction underscores our continued strategic focus on multi-family growth, and we welcome the opportunity to be a part of 138-45 Jamaica Avenue,” said Mimi Vu, FVP Head of N.A. Originations, BHI. "BHI remains committed to supporting continued property development and creating a positive impact in the areas we serve."
About BHI
BHI, the U.S division of Bank Hapoalim, 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; food and beverage; apparel; healthcare; corporate banking; and high-tech. 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.
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