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New York & Tri-State  + Downtown New York  + Finance  | 

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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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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