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Naftali Group secures $120.4 million in construction financing

Naftali Group has secured $120.4 million in construction financing from Bank Hapoalim for its condo project at 1039-1045 Madison Avenue on the Upper East Side. The development site is located between East 79th and East 80th Streets, and currently allows for the construction of 63,311 SF.

  • Financing details: The debt package includes a $16 million project loan, a $58.5 million building loan, and a $45.9 million construction acquisition loan.
  • The assemblage: Naftali paid $21.1 million for 1041 Madison Avenue in 2017; $22.8 million for 1045 Madison Avenue in 2017; $26 million for 1039 Madison Avenue in 2018; $1.6 million for 1043 Madison Avenue in 2019.
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