Naftali Provides Mezz Loan in $50M Financing of South Harlem Condominium Building

reprints


Naftali Group provided a $13 million mezzanine loan in the $50 million construction financing of Grid Group’s 145 Central Park North, Commercial Observer has learned.

SEE ALSO: Centennial Bank Provides $37M in Financing for Harlem Mixed-Use Property

Meridian Capital Group’s Morris Betesh, Michael Homapour and Daniel Belecen negotiated the debt for the South Harlem condominium building, which included $37 million in senior financing from Israel Discount Bank, as previously reported by CO. Officials at the brokerage declined to confirm the lenders’ identities or the senior/mezz breakdown.

The 13-story, 135-foot property will include 37 units with unobstructed views of Central Park. Amenities are set to include a 24-hour doorman, off-street parking, multiple roof decks, resident storage rooms, bike rooms and a gym.

The property joins a host of other condominium developments that have risen in the Central Park North/ South Harlem area, including Artimus Construction’s semicircular property Circa Central Park and Athena Group’s 111 Central Park North.

“Today, condominium construction financing is reserved for the best projects with the strongest sponsors,” Betesh said in prepared remarks. “This property’s unique location overlooking Central Park, with views that will never be blocked, set this development apart and allowed Meridian to arrange competitive financing for a premier developer.”

Grid Group, formerly known as Einhorn Development Group purchased the site at 114 West 110th Street for $16.5 million in November 2013, property records show.

“We believe that uncompromising attention to architectural details and an exceptionally high level of construction execution are integral to both the positive experience of inhabiting the spaces within our projects as well as the long-term value of each building,” Raman Gardnerthe director of development for Grid Group, said. “With this unique opportunity at 145 Central Park North, we selected GLUCK+ as the architect and construction manager for the project, knowing they share our objectives of quality and craft above all else.”

A representative for Naftali did not immediately respond to a request for comment.