Naftali Lines Up $65M Construction Debt on Forest Hill Condos
Naftali Credit Partners, a subsidiary of Naftali Group, has announced the closing of a $65-million construction loan for 107-02 Queens Blvd. in the Forest Hills section of Queens.
The sponsor for the loan is a partnership between RJ Capital Holdings, headed by Rudy Abramov, and RB Realty Capital, headed by Avi Matatov.
The offering for the 10-story, 74-unit luxury condominium project in Forest Hills is the second by Naftali Credit Partners. The firm underwrote and provided terms on the full financing request, offering a full stack solution to the borrower, while also helping source CIT Bank as the senior mortgage lender.
“Our ability to move quickly and understand the many nuances of development provides a competitive advantage in executing complicated transactions in an increasingly dislocated transitional lending space,” said David Hochfelder, Naftali Group’s EVP of acquisitions & capital markets.
Construction on the project is set to begin this month.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development