Naftali Credit Partners is financing new condo projects in New York City, responding to a decline in condo inventory. Developer Bentley Zhao’s New Empire received $72 million to build 117 units in Long Island City, while Benjamin Shaoul’s Magnum Real Estate Group secured $38 million for 20 units in Greenwich Village. Both packages included mezzanine loans from Naftali, with senior debt from Axos Bank and Israel Discount Bank. Naftali Group CEO Miki Naftali acknowledges the higher interest rates but notes strong demand. Recent data shows new development sales are 10% above pre-pandemic levels, indicating a robust market.
Naftali Credit Partners
