Non-banking finance company Ruby Capital has announced that it will provide NIS 1.2 billion in financing for the Florentin Square project in south Tel Aviv. Sources close to the deal have told "Globes" that three major banks were competing to finance the deal. The major project includes 200 apartments, 2,330 square meters of commercial space, 4,272 square meters of office space, 1,200 square meters of storage space, and 349 parking spaces. The cost of construction is estimated at NIS 900 million.
The project will include five mixed-use buildings, one of them 17-floors high, at the junction of Herzl Street and Derekh Shalma. Florentin Square includes preservation of the Hamashbir Hamerkazi building, which was constructed in 1935 and served as the headquarters of the Haganah, pre-state Jewish defense organization.
The project will be built by Electra Ltd. (TASE: ELTR) and will include 30,399 square meters above ground and 15,858 square meters below ground. The architect is Ilan Pivko.
The project is being developed and organized by Cityel Shalma Housing and a buyers group with 100 members. Ruby Capital will put up the financing in a consortium with Meitav Dash Investment House and the Ayalon Insurance Co.
Published by Globes, Israel business news - en.globes.co.il - on December 5, 2022.
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