Naftali secures $ 103 million home loan for new condominium in Upper East Side

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BHI, a full-service commercial bank, announced that it had a $ 102.7 million mortgage loan.

The borrower is the Naftali Group, developer of the project. BHI will provide $ 67.7 million and Israel Discount Bank of New York (IDB Bank) will hold $ 35 million of the total loan amount.

With a total area of ​​62,700 m² and a design by the renowned architects Robert AM Stern, 1165 Madison Avenue (location shown above) will offer 12 condominiums and 3,750 m² of retail space on the ground floor.

MIKI NAFTALI

“Following the sale of The Benson at 1045 Madison Avenue, 1165 Madison is our second condominium on Madison Avenue, an area where no condos have been developed from scratch in over 25 years,” said Miki Naftali, CEO and Chairman of the Naftali group. “The knowledgeable real estate team at BHI understands our needs and the nuances of our new luxury residential project. You worked closely with us to successfully complete our financing. “

“We are very pleased about the partnership with the Naftali Group, a very experienced sponsor with a first-class residential portfolio. 1165 Madison will be a hugely sought-after property in a vibrant Upper East Side neighborhood that continues to show considerable momentum at the top of the market, ”said Ilana Druyan, BHI First Vice President and Head of International Originations Real Estate.

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