Naftali Credit Partners And Madison Realty Capital Provide $75 Million Loan To New Empire Corp. For Brooklyn Condo
757 Flatbush Avenue
$75,000,000
Building Size
—
Asset Type
Condo
Closing
Jun 22, 2026
About this deal
AI
The property asset involved in this transaction is a condo located at 757 Flatbush Avenue in Brooklyn. The construction loan provided amounts to $75,000,000, which includes a $58 million senior loan and a $17 million mezzanine facility aimed at refinancing land debt and funding remaining construction costs.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $75,000,000
- Lender: Naftali Credit Partners & Josh Zegen - Madison Realty Capital
- Landlord: New Empire Corp.
- Loan Type: Construction
Key individuals involved in the deal include Naftali Credit Partners and Josh Zegen representing Madison Realty Capital, who facilitated the financing for New Empire Corp.’s condo development project.
On the Map
$75,000,000
Condo
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Players
Avenue Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93