Naftali Group closes on $236m construction loan for 255 East 77th St.

Manhattan, NY Naftali Group negotiated the closing of a significant construction loan for its forthcoming 255 East 77^th St. project on the Upper East Side. J.P. Morgan, along with Starwood Capital, provided a $236 million financing package for the luxury residential development, which will include 62 condominium residences. With construction underway at the development site, sales for the luxury condominium building are slated to launch this year.

“We are pleased to announce this significant construction loan for our forthcoming 255 East 77^th St. project and once again have the confidence of our lenders,” said Miki Naftali, chairman and CEO of Naftali Group. “Following successful sell-outs of our record-breaking Manhattan projects, we have continued to show our support and confidence in New York City with strategic investments and plans for several exciting new development projects. The closing of this most recent financing package represents not only Naftali Group’s esteemed reputation – especially in an extremely challenging market – but also our firm’s unwavering commitment to long-term investments in New York City.”