Leumi lends Taic NIS 1.2b for David Promenade project

Bank Leumi recently signed an agreement with hotelier Henry Taic for the financing of the David Promenade Towers project that Taic is constructing opposite the Opera Tower, close to Tel Aviv's beachfront.

Under the agreement, Bank Leumi will finance the project to the tune of NIS 1.2 billion, covering the cost of construction and the guarantees to buyers of apartments in it. Taic and Bank Leumi CEO Rakefet Russak-Aminoach celebrated the signing of the agreement with a cake in the shape of the project.

The land on which the project is being built is located on Hayarkon Street between Hayarden Street and Trumpeldor Street. It has been in the Taic family's ownership for decades. The project consists of two 26-floor towers, one a hotel that will be operated by the Kempinski group and the other a luxury apartment block. Construction is expected to be complete in 2016.

In June 2013, a 612 square meter apartment on the seventeenth floor of the residential tower, taking up the entire floor, together with four car parking spaces, was sold for NIS 81.4 million.

Taic owns the David Intercontinental Hotel in Tel Aviv, Le Meridien Hotel on the Dead Sea, and the Grand Court Hotel in Jerusalem. He also owns land on the northern section of Hayarkon Street in Tel Aviv, near Independence Park, on which he plans to build a 17-floor hotel.

Source Globes