NYC Condo Development Lands $65M Construction Loan
- Mar 11, 2019
Naftali Credit Partners has closed a $65 million construction loan for a 74-unit luxury condominium development located at 107-02 Queens Blvd. in the Forest Hills neighborhood of Queens. The firm underwrote and provided terms on the full financing request and provided the borrower—a partnership between RJ Capital Holdings and RB Realty Capita—with a full stack solution. At the same time, the firm helped source CIT Bank as the senior mortgage lender.
The 10-story building, which is slated for construction this month, was designed by Jarmel Kizel Architecture and Engineering as a modern interpretation of the surrounding residential area’s neo-classical style.
A fitness center, playroom and rooftop terrace ae among the building’s amenities. The project also includes approximately 25,000 square feet of prime retail space, as well as a parking garage.
The development is situated a half block from the Forest Hills 71st Avenue subway station. The building’s highly-sought location and amenities enable buyers to live in one of the fastest growing neighborhoods of Queens. Retailers and restaurants abound throughout the Forest Hills neighborhood. Several subway lines serve the community, meaning residents will have quick access to Manhattan.
“We are excited to continue to build our lending platform, which is able to provide attractive and efficiently-structured terms to borrowers, while delivering compelling risk-adjusted returns to our investors,” said David Hochfelder, executive vice president of acquisitions and capital markets for Naftali Group, in prepared remarks. “Our ability to move quickly and understand the many nuances of development provide a competitive advantage in executing complicated transactions in an increasingly dislocated transitional lending space.”
Earlier this year, Benefit Street Partners Realty Trust provided $115.5 million in financing for another luxury building in Queens, Madison Realty Capital’s 417-unit The Drake located in Reg Park.
Image courtesy of Jarmel Kizel Architecture and Engineering