The swing project in Jerusalem (Photo: Imaging: 3division)
The Superin Group continues to expand its activities and today reports significant progress in promoting the second phase of the swing complex project located in the developing employment area of Talfiot in Jerusalem.
The company updates that it has signed, together with its partners in the project, a banking support agreement with Bank Hapoalim for the purpose of financing the second phase of the project, which includes the addition of 14 office floors in an area of approximately 26,000 square meters. Among other things, the bank will provide credit facilities to the extent of approximately 361 million NIS (mainly for the provision of sales law guarantees to buyers) as well as additional advance credit frameworks amounting to tens of millions of NIS.
The company also reports that so far the sale of approximately 55% of the office spaces included in the second phase of the project has been completed, within a few months of the start of sales and in a monetary amount of about 200 million shekels. The total sales of the second phase of the project, according to the company's estimation, are expected to amount to about 365 million shekels.
The second financing agreement signed by Superin in recent times
The swing tower project of the Sufrin Group, the Weiss Group and Orcom, was designed by the architectural office of Bareli Levitsky Kasif and includes a total of approximately 50,000 square meters for offices, commerce, recreation and leisure, among others for employees.
In the first phase, all the commercial spaces in the project and three office floors were sold, all within the first phase of the project.
Phase A of the project, which has been fully marketed as mentioned above, is in advanced stages of construction and is expected to be completed during 2024. The construction of the second phase of the project is expected to be completed in the second quarter of 2025. The second phase of the project will be built above Phase A, which is currently in the middle of construction and includes 3 office floors, 2 commercial floors and 4 parking basements in a total area of about 22,000 square meters.
The financing agreement that has now been signed with Bank Hapoalim is the second agreement that the Superin Group has made with a prominent financing body in recent times.
A few weeks ago, Sofrin updated that it had signed, together with its partners, an agreement to receive a loan in the total amount of about 145 million NIS to finance the construction of the Onyx project, located in Kiryat Ono, where Sofrin's share in the full chain of the loan is about 36 million NIS and the entire project is 12.5 %.
Tzachi Sofrin. (Photo: Neve Aviani)
Tzachi Sufrin, Vice Chairman of the Board of Directors and controlling owner of the Sufrin Group, responded, "The signing of the banking support agreement, at this time, expresses the high trust of the banking system in the company and the high attractiveness of the project.
Also, the signing of the agreement is an important milestone towards the construction of phase two of the swing complex project in the developing employment area in Talfiot, Jerusalem." Ilan Schwarzzurgan, CEO of the
Sofrin Group added: "The Sofrin Group today promotes projects in a wide variety of fields in the real estate industry and operates While managing risks responsibly, in accordance with the turbulent period we are in.
The company benefits from time and financial flexibility and is prepared to expand its activities through the initiation of additional projects in the areas of demand."
The Sofrin Group was founded in 2009, the joint controlling owners of the group are Leon and Tzachi Sofrin, each holding through a company under their control, approximately 36% of the capital.
The company mainly focuses on three areas of activity: purchasing groups, real estate development and profitable properties for trade, offices and logistics.
Real estate
residence
Tags
Jerusalem
Talpiot