Nearly a year after an Iranian missile slammed into a residential building in Bnei Brak during Operation Rising Lion, plans are moving forward to demolish the heavily damaged structure and replace it with a new residential development containing 84 apartments.

The building, located at 68 Hamaccabim Street, is a four-story structure containing 24 residential units. It will be demolished and replaced as part of a Tama 38/2 urban renewal project.

The project, initiated by Urbanitop, led by Rav Pinchas Zaltzman, calls for the construction of three residential buildings containing a total of 84 new apartments, along with approximately 422 square meters of commercial space.

The original building was struck by an Iranian missile on June 16, 2025, several days after the launch of Operation Rising Lion. The impact caused extensive damage, leaving the structure completely uninhabitable.

Despite the unusual circumstances surrounding the project, the necessary building permit was secured less than a year after the missile strike.

Following the attack, Urbanitop assisted residents who had suddenly lost their homes. The company worked with families according to their individual circumstances, helping some locate temporary housing and assisting others with financial arrangements necessitated by their displacement.

Urbanitop specializes in urban renewal and complex redevelopment projects, including evacuation-and-reconstruction developments and Tama 38 projects. The company is particularly active within the Chareidi community and is advancing several residential projects in Bnei Brak. The new development on Hamaccabim Street is being designed as housing for the city’s Chareidi population.

The real estate financing company Barakate has been involved with the project since the difficult period immediately following the missile strike. Together with an insurance company, Barakate signed an agreement to provide financing and guarantees totaling approximately NIS 247 million for the development.

Attorney Carmel Nodler of the Keren Belcharsky law firm is representing Barakate and the insurance company in the transaction.

Adi Gazit, CEO of Barakate, said the missile strike required the parties involved to react quickly and restructure the financing arrangement around circumstances that could not have been anticipated.

“The damage to the project required a rapid response and an adjustment of the financing structure to the new reality and to the developer’s timetable. Within a short period of time, we formulated a framework that allowed the project to move forward toward receiving a permit and beginning construction. From Barakate’s perspective, which serves as a home for developers throughout the country, this is a significant transaction in Bnei Brak and in the haredi sector, demonstrating the importance of flexibility, creativity and the ability to respond quickly even in exceptional circumstances,” Gazit said.

Rav Pinchas Zaltzman, CEO and owner of Urbanitop, credited Bnei Brak Mayor Chanoch Zeibert and Deputy Mayor and Planning and Building Committee Chairman Menachem Shapiro with helping move the complicated approval process forward rapidly.

“I would like to thank Bnei Brak Mayor Chanoch Zeibert and his deputy, Planning and Building Committee Chairman Menachem Shapiro, for the speed and efficiency with which all the processes were advanced. Special thanks also go to the Reisman Deutsch law offices and all the parties who took part in the project. When necessary, everyone stepped up and went above and beyond to enable the project to move forward and achieve a significant result in record time. About a year after the Iranian missile strike, we are moving forward with a new building with 84 apartments for the families of the city and the community,” Zaltzman said.

Barakate is a publicly traded real estate financing company controlled by chairman Roni Biram, Gil Deutsch and Gazit. The company specializes in financing real estate projects and transactions, structuring customized financing packages based on the requirements and characteristics of individual developments.

Company officials say its approach combines financial experience with an understanding of the needs of developers, allowing it to provide financing and flexibility for complex projects.

The Bnei Brak development will now transform the site of a devastating Iranian missile strike into a significantly larger residential complex, increasing the number of apartments on the property from 24 to 84.