Naftali Credit, Madison Realty Capital Close on $125M Loan for Queens Condo Project
Naftali Credit Partners, a subsidiary of Naftali Group, and Madison Realty Capital (MRC) have closed on a $125- million loan, marking the ninth deal of Naftali Credit Partners’ second opportunistic debt fund. The loan went to RJ Capital Holdings for 70-28 Grand Central Pkwy., a 241-unit residential condominium development in Queens’ Forest Hills neighborhood.
Consisting of a senior loan from Madison and a mezzanine loan from Naftali, the financing package will be used to refinance 70-28 Grand Central Pkwy.’s existing debt and develop the site, including funding hard, soft, and carry costs through the project’s completion of construction.
Josh Zegen, co-founder and managing principal of MRC, said, “Forest Hills remains one of Queens’ most resilient and desirable neighborhoods, and this project is well-positioned to meet sustained demand for new condominium product. This loan underscores our conviction in the strength of the Queens residential market and our ability to structure creative financing with certainty of execution for experienced developers.”
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout