Shponder&Fadlon Group announced significant progress in establishing the luxury project Blend in the new Green Park neighborhood in Hod Hasharon, with a total investment of approximately NIS 125 million. This comes after the group signed a comprehensive financing deal with Ruby Capital, which includes a financial credit framework of MIS 55 million and the provision of Sale Law insurance policies for apartment buyers amounting to NIS 134 million. This significant financing deal will allow the company to advance the construction of the project, which is expected to receive a building permit in the coming days.
The project rights, which are part of the company's expansion in the Sharon region, were acquired in July 2024 from a private entrepreneur in a deal worth approximately 50 million shekels, with expected revenues estimated at around NIS 150 million.
The project, located on Ronit Elkabetz Street in Hod Hasharon, was designed by CityBee Architects and includes three boutique buildings, each five stories high, with 30 luxury apartments, featuring only one or two apartments per floor. The diverse layout includes special apartments, mini-penthouses, penthouses, and garden apartments, all of which have five rooms ranging from 124 to 170 square meters, starting at NIS 4.74 million. The company stated that about 25% of the apartments were sold during the pre-sale phase.
Tzir Hachinuch in western Hod Hasharon represents one of the last remaining land reserves in the heart of the city's west side. The area is surrounded by private homes and green spaces and benefits from proximity to a country club, Margaliot Mall, Four Seasons Park, Sportek, Sportan, Sharonim Park, and the Azrieli and Sharonim malls. Additionally, the project enjoys immediate access to leading educational institutions, including Lapid School, Hashahar Middle School, and Hadarim High School. The developing neighborhood, which will include about 1,300 housing units, is planned with a new commercial center and extensive public spaces.
The apartments boast a premium specification, including an advanced VRF air conditioning system, underfloor heating in the bathrooms, and preparations for a smart home system. To mark the launch of the project, the company is introducing the exclusive Golden Connection customer club, designed for buyers of special apartments in Shponder&Fadlon projects. The club aims to create an exclusive community that combines quality of life and luxury with a variety of business opportunities and future investment possibilities. Club members will benefit from personalized support throughout the entire purchase and occupancy process.
Moran Narvona, CPA, CFO of Shponder&Fadlon Group: "The collaboration with Ruby Capital represents a significant vote of confidence in the group and the project. The scale of the deal and the terms achieved reflect trust in the group's financial strength and the potential inherent in the project. The financing deal enables us to continue leading development in the Sharon region, which is one of our key operational areas—both as a company that grew here and strongly believes in this area. We have initiated, executed, and marketed several successful projects in the Sharon that have seen very high demand, such as the Love project in Green Kfar Saba. We have great confidence in the location and nature of the project, as it is situated in a sought-after area of the city, close to major landmarks such as parks and leading educational institutions. Apartment buyers in the project will enjoy personal service, close guidance throughout the process, and exceptional benefits."
Yaakov Nitzan, CEO and Partner at Ruby Capital, stated: "We welcome the collaboration with Shponder&Fadlon Group, a well-established company with financial stability and extensive experience in development and execution. After an in-depth review of the project and its surroundings, we identify significant potential in the new Green Park neighborhood in Hod Hasharon, which is expected to attract strong demand from families and young professionals, as well as benefit from increased property value as construction progresses. The real estate market is currently experiencing strong demand, and Ruby Capital is prepared to help companies expand their market activities—both through project financing and through equity investment, whereby the company provides capital and enters as a full partner in projects."
In the transaction, attorney Lior Landau from Sherman Landau Law Firm represented the company, while attorney Uri Sagiv from Engelard & Co. represented Ruby Capital.