BHI and Northwind Group provide $170 million
construction loan to Nortco Development for 36 unit condo project

Manhattan, NY BHI, the U.S. branch of Bank Hapoalim, B.M. and a full-service commercial bank, together with Northwind Group a Manhattan-based real estate private equity firm and debt fund manager, provided a $170 million construction loan to Haim and Rony Nortman’s Nortco Development for the construction of a new 18-story development located at 200 West 88^th St.

The development will be comprised of 36 luxury residential units with a unit mix of three to five bedroom units.

The sponsor, Haim Nortman, is the founder of Nortco Development, a privately held real estate development and investment firm based in New York City since 2013.

This is BHI’s second project with Nortco Development.

“At BHI, we are committed to deploying capital in ways that not only shape the future of one of the world’s most iconic cities but also empower our clients to achieve their goals,” said Gil Karni, chief executive officer, BHI. “New York is a global hub of cultural and economic activity, and we take pride in being a trusted financial partner to the developers and businesses driving its growth. Our focus remains on providing the strategic support and tailored financial solutions that enable our clients to succeed — and in turn, contribute to the city’s continued vibrancy and success.”

“The Upper West Side has long been one of the most desirable areas of Manhattan real estate,” said Ilana Druyan, senior vice president – team leader and head of international origination – CRE, at BHI. “We’re always honored by the opportunity to work together with returning sponsors who elect to use our bank to finance their subsequent projects, and we’re excited to work with Haim and Rony Nortman and Nortco to introduce new compelling inventory to this market.”

“It’s a pleasure to work again with BHI,” said Haim Nortman. “They have an innate understanding of the intricacies of the New York market which helps them anticipate developer needs and enable us to more rapidly execute our vision.”

“We are pleased to fund this loan for Nortco a repeat borrower of Northwind and happy to collaborate with BHI on this marquee project,” said Ran Eliasaf, founder and managing partner of Northwind Group. 

“We have supported this project from the pre-development phase and are excited to continue our involvement through construction. This loan demonstrates our strong commitment to financing premier condominium developments in New York City. We see sustained demand from discerning buyers seeking thoughtfully designed, family-sized residences on the Upper West Side and particularly value the opportunity to partner again with trusted, repeat borrowers.”