The town of Shlomi, one of the first to be evacuated on the northern border immediately after the outbreak of the “Iron Swords” war and declared a closed military zone, is expected to soon enter an era of renewal and reconstruction; Bank of Jerusalem, which has specialized for decades in financial support for residential real estate projects, announced that it will provide financial backing for a new housing project in Shlomi – the first of its kind in the north since the outbreak of hostilities. This project represents an important part of the national effort to rehabilitate the north and bring residents back to their homes.
The project – carried out by the partnership Yesodot Elram Shlomi, controlled by Yesodot Eitanim, in collaboration with Bank of Jerusalem and with the assistance of Clal Insurance Company – will include the construction of 62 housing units in three phases. The total investment in the project is estimated at approximately NIS 140 million.
Bank of Jerusalem notes that due to the unusual situation on the ground, the financial support structure for the project was redesigned in a way that allows for immediate financing of the initial implementation stages – even before all approvals are finalized – in order to enable immediate on-site commencement and prevent further delays.
A Tailwind in the Hardest Moments
The initiative in Shlomi is not just a one-off real estate venture, but the first sign of civil and economic recovery in the north. Amid a sense of uncertainty and while many residents are still waiting to return to their homes, collaborations of this kind signal that there is light at the end of the tunnel – and serve as a model for additional projects in other border towns, reinforcing the notion that the north is not being left behind – neither in terms of security nor in real estate.
According to Ofer Zaraf, one of the owners of Yesodot Eitanim, “The real estate market in the north entered a deep freeze since October 7. We faced uncertainty and challenges we hadn’t known before – security-wise, economically, and even mentally. Bank of Jerusalem was there at the critical moments, encouraging, supporting, and offering real solutions that brought back hope and trust. Thanks to this collaboration, we can get started and rebuild Shlomi.”
Yoav Shabat, Head of Construction Financing Team at Bank of Jerusalem, concludes: “We understood the magnitude of the moment and the national significance. We provided the client with a personalized response, flexibility, and a safety net designed not only to launch a project – but to bring life back to an entire neighborhood. This is the clearest example of how the financial system can be part of the solution and not just part of the market.”