Elandis, the Miami-based real estate company division of Libra Group, has entered into an agreement for a $40 million credit facility with Bank Leumi USA. This refinancing initiative will be used for multifamily real estate investments and is an extension of the company’s long-term partnership with Bank Leumi, having been working with the bank on various multifamily projects in the sunbelt states for close to 10 years.
Dedicated to the acquisition and repositioning of workforce housing assets in the USA, Elandis has acquired 3,000 multifamily units since 2009. Earlier this year it formed a joint venture with M&G Investments with an initial $50 million of equity committed to the acquisition and repositioning undervalued workforce multifamily communities in particularly high population- and job-growth states including Florida, North Carolina, South Carolina, Georgia, Texas and Nevada. This new arrangement with Bank Leumi will enable further growth for through the procurement of more high-yielding assets in competitive markets.
Founded in 1902, Bank Leumi has over 60 years of experience in the U.S. market and with assets of approximately $7 billion in the country. Bank Leumi USA is an FDIC insured, NY chartered bank and a subsidiary of Bank Leumi le-Israel, B.M. In the U.S., products and services are provided by Bank Leumi US.