Naftali Credit, Madison Realty Capital Close on $125M Loan for Queens Condo Project
Naftali Credit Partners, a subsidiary of the Naftali Group, along with Madison Realty Capital (MRC), has finalized a $125 million financing package for a major residential development in Queens. This marks the ninth transaction under Naftali Credit Partners’ second opportunistic debt fund.
The loan has been issued to RJ Capital Holdings for its project at 70-28 Grand Central Parkway, a 241-unit residential condominium development located in Forest Hills, Queens.
The financing package includes a senior loan provided by Madison Realty Capital and a mezzanine loan from Naftali Credit Partners. The funding will be utilized to refinance existing debt on the property and to support ongoing development. This includes covering construction-related hard and soft costs, as well as carry costs through the project’s 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.”
