**Naftali Credit, Madison Realty Capital Close $125M Loan for Queens Condo Development**
Naftali Credit Partners, a subsidiary of the Naftali Group, alongside Madison Realty Capital (MRC), has closed on a $125 million loan for a major condominium development project in Queens. The financing marks the ninth transaction from Naftali Credit Partners’ second opportunistic debt fund.
The loan was issued to RJ Capital Holdings for its development at 70-28 Grand Central Parkway in the Forest Hills neighborhood. The 241-unit residential condominium is set to add significant new housing inventory to one of Queens’ most sought-after areas.
The capital stack consists of a senior loan provided by Madison Realty Capital and a mezzanine loan from Naftali Credit Partners. The funds will support the refinancing of existing debt on the property and help finance construction costs, including hard, soft, and carry costs, through project completion.
“Forest Hills remains one of Queens’ most resilient and desirable neighborhoods, and this project is well-positioned to meet sustained demand for new condominium product,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital. “This loan underscores our conviction in the strength of the Queens residential market and our ability to structure creative financing with certainty of execution for experienced developers.”
