Naftali Credit Partners Arranges $75M Debt for Flatbush Condo Project
Naftali Credit Partners has closed on a $75-million loan to support the development of 757 Flatbush Ave., a nine-story ground-up condominium development in Brooklyn’s Flatbush neighborhood. The financing package includes a $58-million senior loan provided by Madison Realty Capital and a $17-million mezzanine loan provided by Naftali Credit Partners.
Following a successful collaboration on 208 Delancey in 2020 and 24-01 Queens Plaza North in 2024, New Empire, a New York-based real estate development firm led by Bentey Zhou, has re-engaged with Naftali Credit Partners to finance 757 Flatbush Ave. The loan refinances existing land debt and funds the remaining hard and soft costs.
“Brooklyn continues to be an important focus for residential development, particularly as demand remains strong for high-quality condominium projects,” said Glenn Grimaldi, CEO of Naftali Credit Partners. “At 757 Flatbush Avenue, New Empire is advancing a thoughtfully designed development that we believe is well aligned with the market.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout