Naftali Credit Partners has originated a $75 million financing package for a planned condominium project at 757 Flatbush Avenue in Brooklyn’s Flatbush neighborhood. The capital stack for the nine-story ground-up development combines senior and mezzanine debt to advance the project through construction.
The structure includes a $58 million senior loan provided by Madison Realty Capital. In addition, Naftali Credit Partners supplied a $17 million mezzanine loan, bringing the total financing to $75 million. Together, the loans are intended to support both the payoff of existing land obligations and the remaining development budget.
According to the parties, the new loan refinances prior land debt on the 757 Flatbush Avenue site and also covers outstanding hard and soft costs associated with completing the condominium property. The development is planned as a nine-story building, with the financing earmarked to move the project from its current stage through execution.
New Empire, described as a New York-based real estate development firm led by Bentey Zhou, is again working with Naftali Credit Partners on this latest transaction. The two firms have previously collaborated on multiple New York City residential projects, including 208 Delancey in 2020 and 24-01 Queens Plaza North in 2024. Those earlier deals established a relationship that has now extended to the Flatbush Avenue development.
In comments on the current financing, Glenn Grimaldi, CEO of Naftali Credit Partners, noted that Brooklyn remains a central market for residential development activity. He pointed to sustained demand for higher-quality condominium product as a factor supporting continued construction in the borough. Grimaldi characterized the planned project at 757 Flatbush Avenue as a thoughtfully designed condominium development that aligns with current market conditions.
The 757 Flatbush Avenue transaction underscores the role of private lenders in assembling multi-tiered capital stacks for urban condominium developments. With Madison Realty Capital providing the senior mortgage component and Naftali Credit Partners furnishing mezzanine capital, the package illustrates how specialized real estate credit providers are supplying both core and subordinate financing for residential projects in established neighborhoods such as Flatbush.
By refinancing existing land debt and funding remaining hard and soft costs, the $75 million financing is designed to position the 757 Flatbush Avenue condominium project to proceed toward completion while consolidating the capital structure under a coordinated lending group.
