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Naftali Credit Partners Closes on Mezz Loans for Condo Projects

Naftali Credit Partners closed on two mezzanine loans marking the fourth and fifth deals of its second opportunistic debt fund. These latest transactions bring Naftali Credit Partners’ total investment since last March to approximately $104 million.

The first mezzanine loan, totaling $18 million, was extended to New Empire to finance 24-01 Queens Plaza North, a luxury condominium and retail development in Long Island City. In addition to financing the mezz piece, Naftali Credit Partners also structured the entire loan, syndicating the senior position to Axos Bank for a total of $72 million in financing.

Naftali Credit Partners has also provided a $13.4-million mezzanine loan to Magnum Real Estate Group to finance the development of 813-815 Broadway, a forthcoming luxury condo and retail property in Greenwich Village. Again, Naftali Credit Partners structured the entire $38.4-million construction loan, syndicating the senior loan to Israel Discount Bank.

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Naftali Credit Partners

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