Elad Group refinances $120M from Bank Hapoalim for Charlie West condo in Clinton

Yitzhak Tshuva’s Elad Group through the entity 1818 Nadlan LLC as borrower signed a loan agreement with lender Bank Hapoalim valued at $119.6 million for 96 condominium units at the Charlie West at 505 West 43rd Street in Clinton. The deal closed on January 23, 2020 and was recorded on February 5, 2020.

This filing is Elad consolidating its original loans which totaled $134.5 million for the condo project, reducing its total exposure. The refinancing package includes $13.6 million in new debt through a gap term mortgage of $8.5 million and a gap building loan totaling $5.1 million.

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