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Naftali Credit, Madison Realty Capital Close on $125M Loan for Queens Condo Project
Naftali Credit Partners, a subsidiary of Naftali Group, and Madison Realty Capital (MRC) have closed on a $125- million loan, marking the ninth deal of Naftali Credit Partners’ second opportunistic debt fund. The loan went to RJ Capital Holdings for 70-28 Grand Central Pkwy., a 241-unit residential condominium development in Queens’ Forest Hills neighborhood.
Consisting of a senior loan from Madison and a mezzanine loan from Naftali, the financing package will be used to refinance 70-28 Grand Central Pkwy.’s existing debt and develop the site, including funding hard, soft, and carry costs through the project’s completion of construction.
Josh Zegen, co-founder and managing principal of MRC, said, “Forest Hills remains one of Queens’ most resilient and desirable neighborhoods, and this project is well-positioned to meet sustained demand for new condominium product. This loan underscores our conviction in the strength of the Queens residential market and our ability to structure creative financing with certainty of execution for experienced developers.”
- ◦Development
- ◦Financing
