CIT Bank and Naftali Credit Partners provided the debt
Rudy Abramov and Avi Matatov have secured $65 million in construction financing from CIT Bank and Naftali Credit Partners for 107-02 Queens Blvd. Upon completion, the Forest Hills condo project will contain 74 residential units, and a retail component (25,000 SF).
Financing details: CIT Bank provided a $53 million senior mortgage, while Naftali Group’s lending arm provided a $12 million mezzanine loan. The floating-rate debt package has a term of three years.
Heard on the Street: Naftali Group’s Head of Acquisitions, David Hochfelder told CO: “There has been minimal recent supply in this growing submarket… There is a growing demand and limited supply in Forest Hills, and we believe that pricing is poised to appreciate.”