Naftali Credit Partners, a subsidiary of Naftali Group, the privately held real estate development and investment firm run by Miki Naftali, announced the closing of a $62.85 million construction loan for 208 Delancey Street, the 12-story boutique luxury condominium development in Manhattan’s Lower East Side.
Naftali Credit Partners provided terms on the full financing request, offering a full stack solution to the borrower.
“Naftali Group’s growing financial arm provides efficient and user-friendly capital in a relatively illiquid transitional lending market, and we’re pleased that New Empire Corp has partnered with us on 208 Delancey Street,” said David Hochfelder, Executive Vice President and Head of Acquisitions of Naftali Group.
208 Delancey Street is being developed by New Empire Real Estate Development with Shiming Tam Architect is serving as the architect of record.
According to YIMBY, the 80,380 s/f building will rise 119 ft. and feature 69 condominium units, a landscaped roof deck, laundry room, lounge, outdoor recreation area, pet grooming station, onsite parking for 10 vehicles, a bicycle room, and private storage.
Nearly 8,300 s/f on the ground floor will be dedicated to an ambulatory diagnostic facility.