Madison Realty Capital, Naftali Lend $125M on Forest Hills Condo Tower
By Andrew Coen January 8, 2026 1:45 pm
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A joint venture between RJ Capital Holdings and Top Rock Holdings has landed $125 million of construction financing to build a condominium development in Queens’ Forest Hills neighborhood, Commercial Observer can first report.
Madison Realty Capital and Naftali Credit Partners provided the loan for the sponsorship’s planned 252,399-square-foot condo project at 70-28 Grand Central Parkway in a deal that closed Dec. 19. The co-developers, along with SYU Properties, acquired the site adjacent to the former Parkway Hospital in 2021 for $31.7 million and expect to complete the 13-story tower in late 2027.
“Representing the ninth deal of our firm’s second opportunistic debt fund, we’re proud to work with a repeat borrower like RJ Capital Holdings and support projects that contribute to the growth and development of New York City,” Glenn Grimaldi, CEO of Naftali Credit Partners, said in a statement.
Arrow Real Estate Advisors arranged the transaction with a team consisting of Morris Betesh, Eli Serebrowski, Alex Bailkin and Matt O’Hanlon.
“Forest Hills has been waiting more than a decade for a meaningful redevelopment of the Parkway Hospital site,” Betesh, founder and managing partner at Arrow Real Estate Advisors, said in a statement. “This project finally unlocks that potential with an institutional sponsor, a fully capitalized plan, and a product that meets real demand in the market.”
The SLCE Architects-designed project will have 241 condos ranging from studios to three-bedrooms. Community amenities will include a pool terrace, a rooftop with private cabanas, a fitness center, a game room, a business center, a children’s room, bike storage and a party room.
Madison Realty Capital, RJ Capital Holdings, Top Rock Holdings and SYU Properties did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
