107-02 Queens Blvd., Forest Hills. Queens
NEW YORK CITY—Building a 10-story, 47-unit luxury condominium at 107-02 Queens Blvd. in the Forest Hills neighborhood of Queens is scheduled to begin this month. RJ Capital Holdings headed by Rudy Abramov and RB Realty Capital led by Avi Matatov closed on a $65 million construction loan.
Naftali Credit Partners underwrote and offered a full stack loan, while also helping source CIT Bank as the senior mortgage lender. The high-yield debt fund focuses on originating mezzanine loans on transitional real estate assets and is a subsidiary of the New York City-based real estate development firm Naftali Group.
“We are excited to continue to build our lending platform, which is able to provide attractive and efficiently-structured terms to borrowers, while delivering compelling risk-adjusted returns to our investors,” says David Hochfelder, Naftali Group's EVP of acquisitions & capital markets. “Our ability to move quickly and understand the many nuances of development provides a competitive advantage in executing complicated transactions in an increasingly dislocated transitional lending space.”
The residential project is designed by Jarmel Kizel Architecture and Engineering. It will feature a modern interpretation on neo-classical architecture that will complement the surrounding area. Amenities will include a garage, fitness center, playroom and rooftop terrace. The building will also include over 25,000 square feet of retail space, a portion of which is already pre-leased.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
