Yesodot Group and Menora Mivtachim have signed an agreement to provide financing and guarantees totaling approximately NIS 730 million for the construction of a student dormitory complex by the Bardugo Group in Kfar Saba. The financing will be provided by Yesodot Group, and the guarantees by Menora. The project will include five buildings rising nine floors high with 369 apartments, approximately 3,000 sq.m. of commercial space, and an underground parking lot. The site is located between Gvura Street and Tel Hai Street and spans approximately 0.65 hectares, near Kfar Saba train station and the exit to Road 531.
Construction of the Joy Living dormitory complex will begin this coming September, following the receipt of the required approvals to start execution. The apartment mix will include one-room studio apartments and 2–3 room apartments suitable for married couples with children, who will also benefit from daycare services. The commercial areas will include cafes, restaurants, a supermarket, a bank, and more. Each floor will have a dedicated room for communal and private use, such as an acoustic music room, shared workspaces, a yoga room, and more.
The project was designed by the Maron Levy architectural firm and includes many elements aimed at creating student well-being in a community atmosphere while maintaining privacy. Each apartment is designed with a balcony. In the internal piazza shared by all buildings, there will be an ornamental pool and green elements that preserve the environment, a pneumatic waste disposal system, and more. The expected completion date is the last quarter of 2028.
From Yesodot, the deal was led by Liat Yaakov, Customer Relations Manager, and Ruti Grossman, Deputy CEO. From Menora, it was led by Zarina Kartzev, Head of Construction Loan Credit.
Adv. Eyal Belcher Cohen, CEO of Yesodot Group, stated: "We are pleased to cooperate with the Bardugo Group in creating a unique and different complex. Supporting a student dormitory project represents a meaningful statement of our understanding and the importance of the academic sector and the required support for providing proper housing for students in Israel. Education represents our future and vision."
Lior Bardugo, founder and CEO of the Bardugo Group, said: "I am excited to bring the project to life. In the Sharon region, there are close to 20,000 students in urgent need of accessible and high-quality housing solutions. We invested significant resources in planning and promoting the project. I thank Yesodot Group and Menora for their trust and financial support. The new construction standard we are leading in student dormitories will completely change the sector."
Joanna Weisman, Head of Credit, Infrastructure, and Construction Supervision at Menora Mivtachim, added: "Menora is proud to take part in this significant project while deepening the business relationship and cooperation with Yesodot Group. This is a unique financing structure with essential housing solutions for Israel's student population."