Queens Condo Project Sees $125M Loan
Naftali Credit Partners and Madison Realty Capital are providing the capital.
RJ Capital Holdings has received a $125 million refinancing loan for a 10-story, 241-unit luxury condominium development taking shape at 70-28 Grand Central Parkway, in the Forest Hills neighborhood of Queens, NY.
A senior loan from Madison Realty and a mezzanine loan from Naftali make up the financing package.
This is the ninth transaction from Naftali Credit Partners’ second opportunistic fund. The new outstanding loan replaces existing debt on the development, and will be used to build out the site and carry costs through the construction process. According to RJ Capital, the community is expected to finish construction in the third quarter of 2027.
RJ Capital also developed 107-02 Queens Blvd., a 74-unit luxury condo building located in the same neighborhood. Construction on that project began in 2019 and concluded in 2021. For that asset, Naftali Credit Partners also closed a $65 million construction loan from CIT Bank. According to Yardi Matrix, RJ Capital also owns Trylon Tower, a 170-unit property located 98-81 Queens Blvd. That property came online last year.
A new Queens condo tower
In July 2024, The Real Deal reported that RJ Capital had partnered with Top Rock for the development of 70-28 Grand Central Parkway, and had received a first round of construction financing. The duo, alongside limited partner SYU Properties acquired the site for $31.7 million in 2021.
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70-28 Grand Central Parkway will rise 13 stories, with studio to three-bedroom floorplans. SLCE Architects was tapped to design the project. Community amenities will include a pool with cabanas, outdoor terraces, bike storage and more than 100 parking spaces.
The new condo tower is rising on a vacant lot along Grand Central Parkway, adjacent to the former New Parkway Hospital building. Willow Lake and the Willow Lake Playground, parts of Flushing Meadows Corona Park, are adjacent to the community. The 71st Avenue station with subway, train and bus service is under a mile from the location.
Naftali Group adding condos across New York City
Naftali Group remains an active investor across the five boroughs. Last year, the company began selling residences at The Willow, a 69-unit luxury boutique tower in Manhattan’s Gramercy Park. The property stands 19 stories high and will finish construction in the third quarter of 2026.
In December, Naftali, in partnership with Access Industries, received a $525 million financing package for Williamsburg Wharf’s Phase Two, a 363-unit condo development located in the Brooklyn neighborhood of the same name. When it opens in 2028, the community will bring to market 363 condos across two high-rise towers.
