Naftali Credit Partners and Madison Realty close on $125 million loan for 70-28 Grand Central Pkwy.

Queens, NY Naftali Credit Partners, a subsidiary of Naftali Group, and Madison Realty Capital, a real estate private credit manager, closed a $125 million loan, marking the 9^th deal of Naftali Credit Partners’ second opportunistic debt fund. Naftali Credit Partners and Madison Realty Capital provided the loan to RJ Capital Holdings, a privately-owned, vertically integrated family real estate investment and development company. The loan is financing 70-28 Grand Central Pkwy., a new condominium development in the borough’s Forest Hills neighborhood.

Consisting of a senior loan from Madison Realty Capital and a mezzanine loan from Naftali Credit Partners, the $125 million financing package will be used to refinance 70-28 Grand Central Pkwy.’s existing debt and develop the site, including funding hard, soft, and carry costs through the project’s completion of construction.

“We’re pleased to partner with Madison Realty Capital on this transaction, and we’re confident in our investment in 70-28 Grand Central Parkway,” said Glenn Grimaldi, CEO of Naftali Credit Partners. “Working with a great repeat borrower like RJ Capital Holdings and supporting projects that contribute to the growth, affordability, and development of New York City demonstrates our commitment to helping reliable borrowers access capital when they need it most. With plans to launch a $1 billion third fund this year, we are excited to expand the reach of our lending platform and support high-quality real estate projects like this one at 70-28 Grand Central Parkway.”

Josh Zegen, co-founder and managing principal of Madison Realty Capital, said, “Forest Hills remains one of Queens’ most resilient and desirable neighborhoods, and this project is well positioned to meet sustained demand for new condominium product. This loan underscores our conviction in the strength of the Queens residential market and our ability to structure creative financing with certainty of execution for experienced developers. We look forward to supporting RJ Capital as they bring this condominium project in Forest Hills to fruition.”

Located in the Forest Hills neighborhood, 70-28 Grand Central Pkwy. is a 13-story condominium development designed to enhance the area’s residential landscape and meet growing market demand. Offering 241 condominium units ranging from studios to three-bedrooms, the forthcoming development will also feature a substantial collection of lifestyle amenities, including a rooftop with cabanas and a pool.