Naftali Credit Partners, a subsidiary of Naftali Group, announced the closing of an $84 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 and bSafal. 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, CEO at Naftali Credit Partners. “During a time when many banks are not lending and transactions are down, it is even more import
