Naftali Credit Partners Closes on Pre-Development Loan for FiDi Tower

Naftali Credit Partners, a subsidiary of Naftali Group, has closed on a pre-development financing loan for 8 Carlisle St. in Lower Manhattan’s Financial District. Marking the second deal of its recently closed second credit fund,Naftali Credit Partners provided a $48-million pre-development loan to Grubb Properties, a North Carolina-based property firm.

Proceeds of the loan were used to refinance the existing land loan and will contribute to future carrying costs of the project over the life of the facility. Naftali Credit Partners is in the final stages of documenting a senior participation in the facility which will close in the coming weeks.

“We’re confident with our financing in 8 Carlisle St., as we believe it’s vital to continue to help reliable borrowers access capital during a time when they need it the most,” said Glenn Grimaldi, CEO of Naftali Credit Partners.

8 Carlisle St. will be a 64-story multifamily development comprising approximately 400 rental units along with ground-floor retail. Situated two blocks south of the World Trade Center near the West Side Highway, Fulton Transit Center and World Trade Center Oculus, the development is expected to be completed in 2026.