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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.”

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Naftali Credit PartnersMadison Realty Capital

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).

  • ◦Development
  • ◦Financing