The first stage of the assisted living facility in Kibbutz Tel Yitzhak is completed. Construction of the second stage has begun, and the third will begin soon.
Ahuzat Poleg has sold 130 houses in its assisted living facility in Kibbutz Tel Yitzhak for $41 million. The developers have sold 80 of the 92 houses in the project's first stage, and have begun construction of the 50-unit second stage. Construction of the 70-unit third stage will begin soon. 50 of the units sold are in the still unbuilt second and third stages.
Avraham Rubinstein & Co. Building owns 75% of Ahuzat Poleg. Its partners are Americare Management and Consultants Ltd. and Kibbutz Tel Yitzhak. The project is being built on a 110-dunam (27.5-acre) lot on the kibbutz, under a deal with the Israel Land Administration (ILA) from several years ago.
The developers are financing the project from equity, sales, and financial coverage from Bank Hapoalim (LSE:BKHD; TASE:POLI).
Published by Globes [online] - www.globes.co.il - on December 5, 2004