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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.