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New York & Tri-State  + Outer Boroughs  + Apartments  |  June 22, 2026
Paul Bubny
By: Paul Bubny

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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