Naftali Credit Partners, a subsidiary of Naftali Group – the leading and privately held, global real estate development and investment firm run by CEO and Chairman Miki Naftali, today announced the closing of an $86 million construction financing loan for 64 University Place. Naftali Credit Partners and Deutsche Bank provided the construction loan to the developer – a joint venture between Argo Real Estate, one of New York City’s longest-standing independent real estate companies, and bSafal, a multi-disciplinary real estate firm. The construction loan represents the first deal of Naftali Credit Partners’ recently closed second credit fund.
Consisting of a senior loan from Deutsche Bank and a mezzanine loan from Naftali Credit Partners, the $84 million construction loan will be used to refinance the condo and retail development’s existing debt as well as fund the development’s remaining construction and carry costs.
“We’re pleased to partner with Deutsche Bank on this transaction and we’re confident in our investment in 64 University Place,” said Glenn Grimaldi, Chief Executive Officer of Naftali Credit Partners. “During a time when many banks are not lending and transactions are down, it is even more important for reliable private credit funds like Naftali Credit Partners to help borrowers buy, build and refinance their projects.”
Located in the heart of the Greenwich Village neighborhood, 64 University Place comprises a collection of 28 condominium residences and ground-floor retail space. Designed by Kohn Pedersen Fox with interiors by SPACE Copenhagen, the 11-story development is estimated to be completed in 2024.
“We believe it’s crucial now more than ever to help good borrowers access reliable capital when they need it most. Naftali Credit Partners is committed to long-term investments in New York City and this loan is another example of our confidence in the future of the city,” added Glenn Grimaldi.
One of New York City’s most sought-after neighborhoods, Greenwich Village is known for its high-end retail, acclaimed new restaurants and the world-famous Washington Square Park. A destination for visitors and locals alike, the neighborhood is also a few blocks away from the iconic Union Square, off-Broadway theaters and art galleries.
