Naftali lands $104M loan for UWS condo project

Maverick arranges financing for 18-story building at 219-223 West 77th St.

New York /
Aug.August 31, 2015 12:30 PM

Miki Naftali’s the Naftali Group landed a $104 million construction loan that lets the developer move ahead with a 25-unit condominium project at 219-223 West 77th Street, The Real Deal has learned. 

Adi Chugh’s Maverick Capital Partners arranged the financing from Deutsche Bank.

Naftali filed plans for the 18-story condo building in October and tapped architecture firm Goldstein, Hill & West to design it. The condos will replace a five-story parking garage, which Naftali bought for $61 million last summer. The developer is also building another 25-unit project across the street, at 210 West 77th Street.

“It is one of the best condo deals in the city given the success the same sponsor has experienced with a similar project across the street,” Maverick’s Chugh said. The capital markets brokerage made its first splash in Manhattan in 2014 when it arranged a $141 million loan for Yitzhak Tessler’s Condo Project 130 Madison Avenue. More recently, it worked out a $65 million loan deal for another Tessler residential construction project in Colorado.

Frankfurt-based Deutsche Bank has been a busy construction lender in Manhattan. Earlier this month, it issued a $40 million construction loan for the Tadao Ando-designed condo project at 152 Elizabeth Street. Its former head of U.S. commercial real estate lending, Jonathan Pollack, recently jumped to the Blackstone Group.


Related Articles

arrow_forward_ios
Wharton Properties’ Jeff Sutton with 1551-1555 Broadway
Sutton faces foreclosure on Times Square American Eagle
Sutton faces foreclosure on Times Square American Eagle
A photo illustration of Adam Leitman Bailey (far left) and Miki Naftali (right) (Getty Images, Naftali Group, Adam Leitman Bailey, P.C.)
Naftali tenant suffers blow in holdout battle
Naftali tenant suffers blow in holdout battle
Naftali's Miki Naftali with 255 East 77th Street (Naftali Group, Google Maps)
Naftali files plans for UES building. Smart money’s on condos
Naftali files plans for UES building. Smart money’s on condos
Argent Ventures' Andrew Penson (left), SL Green's Marc Holliday, 1601 Broadway (left) and 100 Church Street (Getty, SL Green, Google Maps)
Big-ticket office refis power strong month for Manhattan loans
Big-ticket office refis power strong month for Manhattan loans
From left: Adam Leitman Bailey P.C.'s Steven Wagner; Belkin Burden Goldman's Sherwin Belkin; Adam Leitman Bailey P.C.'s Adam Leitman Bailey; and Naftali Group’s Miki Naftali (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images, Adam Leitman Bailey, P.C., Belkin Burden Goldman)
Pay up or lawyer up: What does a holdout cost a developer?
Pay up or lawyer up: What does a holdout cost a developer?
From left: Gary Barnett, with One Manhattan Square, Harry Macklow with One Wall Street, Steve Witkoff with One High Line, and Miki Naftali with 1045 Madison Avenue (Getty, One Manhattan Square, One Wall Street, Big Architects, The Benson)
Over the glut, but now what? Breaking down NYC’s new condo inventory
Over the glut, but now what? Breaking down NYC’s new condo inventory
Miki Naftali with 215 West 84th Street (Getty, Corcoran)
Naftali takes hit in battle with UWS holdout
Naftali takes hit in battle with UWS holdout
Miki Neftali and 215 West 84th Street (Getty)
Naftali moves to demolish UWS building with holdout tenant
Naftali moves to demolish UWS building with holdout tenant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...