Hamburger Evron & Co.

  • 19.08.2014, Leumi and Mizrahi add NIS 1.2 billion to financing of midtown Tel-Aviv project, The Marker
     

In 2011 Leumi provided the partners NIS 350-400 million for financing the purchase of 14 dunams of land in the project from Tnuva for NIS 535 million

Bank Leumi and Bank Mizrahi Tefahot executed an amendment to the financing agreement with the entrepreneurs of the Midtown Tel Aviv project, whereby the scope of financing shall increase by NIS 1.2 billion, to NIS 2.66 billion. Out of this amount NIS 2.22 billion shall be provided as guarantees under the Sales Law (Assurance of Investment of Apartment Purchasers), while the balance shall be provided to the partners in the form of credit.

In 2011 Bank Leumi granted the partners NIS 350-400 million for financing purchase of the land in an area of 14 dunams in the project from Tnuva in consideration for NIS 535 million, and now it shall provide credit for accompanying construction, which is anticipated to be concluded in 2017-2018. The transaction is lead by Yoel Mintz, head of the bank’s International Credit, Real Estate and Infrastructure Division, who is arranging the credit syndication. Bank Mizrahi Tefahot also joined the syndication, while each of the banks shall provide credit and sales law guarantees in similar scope.

Midtown Tel Aviv was represented by Advs. Ari Wechsler, Shmuel Fleger and Yahel Baumel from the law offices of Berkman, Wechsler, Bloom & Co. The banks were represented by Advs. Assaf Englard, Michal Mendelson and Karin Bresler from the law offices of Hamburger Evron & Co.