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Naftali Credit Lends on LES Condo Project
Naftali Credit Partners, a subsidiary of Naftali Group, closed on a $62.85-million construction loan for 208 Delancey St., a 12-story boutique luxury condominium development in Manhattan’s Lower East Side.
The 69-unit property is being developed by New Empire Real Estate Development Corp., which reportedly began excavation at the site earlier this week. Naftali Credit Partners provided terms on the full financing request, offering a full-stack solution to the borrower.
“Naftali Group’s growing financial arm provides efficient and user-friendly capital in a relatively illiquid transitional lending market, and we’re pleased that New Empire has partnered with us on 208 Delancey St.,” said David Hochfelder, EVP and head of acquisitions of Naftali Group.
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