Arrow Real Estate Advisors arranges $125 million construction loan for RJ Capital and Top Rock Holdings

February 24, 2026 - Finance

70-28 Grand Central Parkway - Queens, NY

Queens, NY Arrow Real Estate Advisors has arranged a $125 million construction loan for real estate developers RJ Capital Holdings and Top Rock Holdings. The loan is for a new construction 252,399 s/f luxury residential condominium located at 70-28 Grand Central Pkwy. in the Forest Hills neighborhood.

The loan was provided by Madison Realty Capital and Naftali Credit Partners and secured by Arrow team members Morris Betesh, founder managing partner, Eli Serebrowski, senior director, Alex Bailkin, senior vice president, and Matt O’Hanlon, senior associate.

The project is being led by RJ Capital Holdings, in partnership with Top Rock Holdings and SYU Properties, the joint venture that originally acquired the site in 2021 for $31.7 million. The new development is designed by SLCE Architects and will include 241 residences, ranging from studios to three-bedrooms across thirteen stories.

“Forest Hills has been waiting more than a decade for a meaningful redevelopment of the Parkway Hospital site,” said Betesh. “This financing reflects Arrow’s continued success in securing efficient and tailored capital solutions for clients developing transformative projects in dynamic submarkets. This project finally unlocks that potential with an institutional sponsor, a fully capitalized plan, and a product that meets real demand in the market.”

It will also feature a full suite of luxury amenities including a pool terrace, landscaped rooftop with communal space and private cabanas, fitness center, resident lounge, game room, business center, children’s room, bike storage and party room.

Construction is expected to be completed in late 2027, delivering one of the most significant new condominium offerings in central Queens.

RJ Capital has been among the most active developers in Queens in recent years, including their delivery of the 170-unit Trylon Tower in 2025 in Rego Park and the 74-unit BLVD Condominium in Forest Hills in 2021.