{"id":259463,"date":"2026-06-08T18:08:10","date_gmt":"2026-06-08T18:08:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/259463\/"},"modified":"2026-06-08T18:08:10","modified_gmt":"2026-06-08T18:08:10","slug":"bank-hapoalim-lends-43m-on-flushing-resi-complex-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/259463\/","title":{"rendered":"Bank Hapoalim Lends $43M on Flushing Resi Complex \u2013 Commercial Observer"},"content":{"rendered":"<p><a href=\"https:\/\/commercialobserver.com\/company\/century-development-group\/\" title=\"Century Development Group\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Century Development Group<\/a> has sealed $43.4 million of construction financing to build a mixed-income residential project in Flushing, Queens, Commercial Observer has learned.<\/p>\n<p>Israel-based <a href=\"https:\/\/commercialobserver.com\/company\/bank-hapoalim\/\" title=\"Bank Hapoalim\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Bank Hapoalim<\/a> provided the loan on the developer\u2019s planned 116-unit development at 135-01 35th Avenue in Flushing that will feature a mix of condos and affordable apartments. The 143,232 square-foot building slated for completion in fall 2027 will benefit from the 485x tax abatement program.\u00a0<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/06\/mg-vertical-alhambra-parc-florida\/\" rel=\"nofollow noopener\" target=\"_blank\">MG and Vertical Land $100M to Build Coral Gables Condo<\/a><\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/arrow-real-estate-advisors\/\" title=\"Arrow Real Estate Advisors\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Arrow Real Estate Advisors<\/a> negotiated the debt with a team consisting of Morris Betesh, Omar Ferreira, Jacob Petrovic and Jonah Schultz.\u00a0<\/p>\n<p>\u201cProjects that can successfully deliver new housing in supply-constrained markets continue to stand out in today\u2019s environment,\u201d Betesh, managing partner at Arrow Real Estate Advisors, said in a statement. \u201cWith its strong location, experienced sponsorship and well-structured development program, this project is well positioned to contribute to the continued growth and evolution of the Flushing market.\u201d\u00a0<\/p>\n<p>Betesh noted that the deal involved a more complex development structure than traditional condo construction loans since the project is also incorporating an affordable housing component eligible for 485x benefits along with a Mandatory Inclusionary Housing requirement tied to the property\u2019s zoning. He added that Arrow\u2019s familiarity with the 485x program, New York City\u2019s Department of Housing Preservation and Development process along with the\u00a0Flushing condo market aided the transaction.\u00a0<\/p>\n<p>\u201cCentury plans to continue our investment in growing the Flushing community.\u201d George Xu, president of Century Development Group, said in a statement. \u201cWith a large Mandatory Inclusionary Housing component, this latest project not only provides much-needed affordable homes but also elevates the neighborhood by offering units of the highest caliber.\u201d\u00a0<\/p>\n<p>Bank Hapoalim did not immediately return a request for comment.<\/p>\n<p>Andrew Coen can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/06\/bank-hapoalim-flushing-condos-affordable-apartments\/mailto:acoen@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">acoen@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Century Development Group has sealed $43.4 million of construction financing to build a mixed-income residential project in Flushing,&hellip;\n","protected":false},"author":2,"featured_media":259464,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[100962,100963,100964,21371,9,24,63,100965,122,124,123],"class_list":["post-259463","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-george-xu","tag-jacob-petrovic","tag-jonah-schultz","tag-morris-betesh","tag-new-york","tag-new-york-city","tag-nyc","tag-omar-ferreira","tag-queens","tag-queens-headlines","tag-queens-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/259463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=259463"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/259463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/259464"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=259463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=259463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=259463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}