Naftali Credit Partners, a subsidiary of Naftali Group, has closed on a $65 million construction loan for 107-02 Queens Boulevard in Queens.
The borrower is a partnership between RJ Capital Holdings, headed by Rudy Abramov, and RB Realty Capital, headed by Avi Matatov. Construction is set to begin in March.
The building is designed by Jarmel Kizel Architecture and will include a parking garage, fitness center, playroom and rooftop terrace. It will also have over 25,000 s/f of retail space, a portion of which is pre-leased.
The offering for the 10-story, 74-unit Forest Hills condo is the second by Naftali Credit Partners.
The firm underwrote and provided terms on the full financing request, offering a full stack solution to the borrower while also helping source CIT Bank as the senior mortgage lender.
“We are excited to continue to build our lending platform, which is able to provide attractive and efficiently-structured terms to borrowers, while delivering compelling risk-adjusted returns to our investors,” said David Hochfelder, Naftali Group’s Executive Vice President of Acquisitions & Capital Markets.