Real estate financing group Ruby Capital is increasing its scope of financing since the start of the year to NIS 1.1 billion with an agreement to finance a project in Hod Hasharon.
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The project is being carried out by Gimel Binyanei Adei Ad, which purchased a five dunam lot in the Education Axis compound in Hod Hasharon. The company plans to build five boutique buildings on the lot with a total of 50 apartments. Ruby Capital will provide NIS 200 million ($60 million) in financing for guarantees under the Sale (Apartments) (Assurance of Investments of Persons Acquiring Apartments) Law of 1974.
Ruby Capital and Gimel Binyanei Adei Ad collaborated on three boutique buildings in Hod Hasharon and thanks to the "trust established" between the sides agreed to collaborate on the finance for two additional boutique buildings.
The project is the second that Ruby Capital is financing in Hod Hasharon and is part of a growing trend of real estate companies using non-bank finance in high-demand areas. According to the terms of the agreement between the sides, Ruby Capital will also finance the construction of the project.
The Western Education Axis is considered one of the most in-demand areas in Hod Hasharon. The compound is located near the boutique Green Park and Hadar neighborhoods and is located close to the Four Seasons Park. A commercial center and schools are also planned for the neighborhood, along with parks and green areas.
Ruby Capital and Gimel Binyanei Adei Ad said that the project is in the advanced stages of development ahead of planning permission.
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Prices for apartments in the project are expected to be similar to those in other boutique buildings in the area, NIS 4.3 - 4.6 million for five-room apartments.
"As entrepreneurs, we see Hod Hasharon as a leading location both for real estate companies and the residents who choose us. We will continue to invest in creating top-quality projects in high-demand areas," said Gimel Binyanei Adei Ad CEO, Gilad Shimonovitch.
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