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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.
- ◦Development
- ◦Financing
