{"id":94934,"date":"2026-01-09T17:29:34","date_gmt":"2026-01-09T17:29:34","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/94934\/"},"modified":"2026-01-09T17:29:34","modified_gmt":"2026-01-09T17:29:34","slug":"madison-realty-capital-naftali-lend-125m-on-forest-hills-condo-tower-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/94934\/","title":{"rendered":"Madison Realty Capital, Naftali Lend $125M on Forest Hills Condo Tower \u2013 Commercial Observer"},"content":{"rendered":"

A joint venture between RJ Capital Holdings<\/a> and Top Rock Holdings<\/a> has landed $125 million of construction financing to build a condominium development in Queens\u2019 Forest Hills neighborhood, Commercial Observer can first report.<\/p>\n

Madison Realty Capital<\/a> and Naftali Credit Partners<\/a> provided the loan for the sponsorship\u2019s planned 252,399-square-foot condo project at 70-28 Grand Central Parkway in a deal that closed Dec. 19. The co-developers, along with SYU Properties, acquired the site adjacent to the former Parkway Hospital in 2021 for $31.7 million and expect to complete the 13-story tower in late 2027.<\/p>\n

SEE ALSO: Berkadia Provides $42M Acquisition Financing for $65M Virginia Multifamily Asset<\/a><\/p>\n

\u201cRepresenting the ninth deal of our firm\u2019s second opportunistic debt fund, we\u2019re proud to work with a repeat borrower like RJ Capital Holdings and support projects that contribute to the growth and development of New York City,\u201d Glenn Grimaldi, CEO of Naftali Credit Partners, said in a statement.\u00a0<\/p>\n

Arrow Real Estate Advisors<\/a> arranged the transaction with a team consisting of Morris Betesh, Eli Serebrowski, Alex Bailkin and Matt O\u2019Hanlon.<\/p>\n

\u201cForest Hills has been waiting more than a decade for a meaningful redevelopment of the Parkway Hospital site,\u201d Betesh, founder and managing partner at Arrow Real Estate Advisors, said in a statement. \u201cThis project finally unlocks that potential with an institutional sponsor, a fully capitalized plan, and a product that meets real demand in the market.\u201d<\/p>\n

The SLCE Architects-designed project will have 241 condos ranging from studios to three-bedrooms. Community amenities will include a pool terrace, a rooftop with private cabanas, a fitness center, a game room, a business center, a children\u2019s room, bike storage and a party room.\u00a0\u00a0<\/p>\n

Madison Realty Capital, RJ Capital Holdings, Top Rock Holdings and SYU Properties did not immediately return requests for comment.<\/p>\n

Andrew Coen can be reached at acoen@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"A joint venture between RJ Capital Holdings and Top Rock Holdings has landed $125 million of construction financing…\n","protected":false},"author":2,"featured_media":94935,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[21369,44417,44418,21371,9,24,63,122,124,123],"class_list":{"0":"post-94934","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-queens","8":"tag-alex-bailkin","9":"tag-eli-serebrowski","10":"tag-matt-ohanlon","11":"tag-morris-betesh","12":"tag-new-york","13":"tag-new-york-city","14":"tag-nyc","15":"tag-queens","16":"tag-queens-headlines","17":"tag-queens-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/94934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=94934"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/94934\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/94935"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=94934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=94934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=94934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}