Chaim Greenfeld, VP of Eastern Union, has successfully obtained $72 million in construction financing for a new luxury condominium project in Long Island City. The funding was provided by Naftali Credit Partners, who contributed an $18-million mezzanine loan to the project’s owner, New Empire Corporation. Additionally, Naftali worked with Axos Bank to structure and syndicate the senior position for a total of $72 million.
Greenfeld stated that it can be difficult to find the right lender in today’s market when seeking construction financing for high-end condo projects like this one. However, Eastern Union had established relationships with both the lender and developer which proved beneficial.
The 19-story property is located at 24-01 Queens Plaza North and will encompass 119,625 square feet including commercial space totaling 1
