BHI, the U.S Branch of Bank Hapoalim, B.M. and a full-service commercial bank, provided a $35 million construction loan to Yuval Shram’s Tay Investments to build a 6-Story, 202-Unit Residential Development at 277-301 West Side Avenue in Jersey City.
The lot consists of a 52,043 SF site and will include 213,282 SF of total buildable area with improvements, consisting of 202 residential units (of which 10% will be affordable), 5,800 SF of commercial space, and 100 parking spaces. The unit mix will consist of 42 studio units, 119 one-bedroom units, 32 two-bedroom units, and 9 three-bedroom units. Building amenities will include a state-of-the-art fitness center with a yoga studio, a sanctuary facility consisting of a wet & dry sauna, meditation room, and an ice plunge, connected to an outside swimming pool with hot tub, various BBQ/fire pit areas, and two roof amenity terraces.
The sponsor, Yuval Shram, is the founder and CEO of TAY Investments, a real estate private equity fund with offices in Hackensack, New Jersey, specializing in the origination and execution of real estate investments with a mandate for developing and construction of residential multifamily buildings. Mr. Shram and his investments professional team members have acquired and manage over 1450 multifamily residential units, focusing mainly on the NJ and PA market.
Mr. Shram is a repeat client of BHI, having successfully completed two projects: a 110-unit multifamily development at 829 Garfield Ave., in Jersey City, and a 155-unit multifamily development at 44 Irvine Turner Boulevard, in Newark with BHI construction loans. The sponsor also currently holds an active construction loan with BHI for a 116-unit multifamily at 1 South Burnet St. in East Orange.
“BHI has a long history of committing capital to help create exciting new developments in Jersey City and across the state,” said Ilana Druyan, Senior Vice President – Team Leader and Head of International Origination – CRE, at BHI. “We look forward to continuing our ongoing relationship with Mr. Shram and continue working with developers aiming to identify opportunities to add value to compelling markets.”
“I’m thankful to have chosen BHI as our financial partner for this and many previous projects,” said Yuval Shram. “From their financing to their subject matter and market expertise, working with them has allowed us to seamlessly execute our goals and accelerate our opportunities to provide more value to the communities we serve.”