BHI, a full-service commercial bank, announced that it has arranged $102.7 million in construction financing for Naftali Group’s latest development at 1165 Madison Avenue, a new 13-story luxury condominium on Manhattan’s Upper East Side.
The borrower is the Naftali Group, developer of the project. BHI is providing $67.7 million and Israel Discount Bank of New York (IDB Bank) will hold $35 million of the overall loan amount.
Totaling 62,700 s/f and designed by the renowned Robert A.M. Stern Architects, 1165 Madison Avenue (site pictured top) will feature 12 condominium residences and 3,750 s/f of ground floor retail space.
“Following the sell-out of The Benson at 1045 Madison Avenue, 1165 Madison represents our second condominium along Madison Avenue, an area that has not seen a ground-up condominium development in over twenty-five years,” said Miki Naftali, CEO and Chairman of Naftali Group. “The expert real estate team at BHI understands our needs and the nuances of our new luxury residential project. They have worked closely with us on the successful conclusion of our financing.”
“We are very pleased to partner with Naftali Group, a highly experienced sponsor with a premier residential portfolio. 1165 Madison will be an extremely desirable building located in a vibrant area of the Upper East Side, which continues to demonstrate considerable momentum at the upper reaches of the market,” said Ilana Druyan, BHI First Vice President and Head of International Originations Real Estate.