BHI provides $29.25 million construction financing to ZDJ Jamaica LLC

Queens, NY BHI has provided a $29.25 million loan to ZDJ Jamaica LLC. Funds from this loan will finance the construction of 138-45 Jamaica Ave.

Upon completion, 138-45 Jamaica Ave. 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 diverse community of Jamaica. This area has a long historical background and is home to a retail sector. In addition to its retail scene, the property will benefit from its proximity to various transportation options, making it a hub for residents, retail customers, and visitors.

“The expert commercial real estate 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 Ave.,” 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.”

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, N.J.; Miami, FL.; and Los Angeles, CA.