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New York & Tri-State   /   March 13, 2019

Paul Bubny
By: Paul Bubny

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.

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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.
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