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Miki Naftali's Naftali Group Secures $67.5 Million Loan From First Citizens Bank For Kips Bay Project

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FINANCED
$67,500,000

New York

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MultiFamily
Financed 02/25/2025
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Property Image
FINANCED

Miki Naftali's Naftali Group Secures $67.5 Million Loan From First Citizens Bank For Kips Bay Project

307 3rd Avenue

See Similar Deals
MultiFamily
Financed 02/25/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

The asset involved in this transaction is a multifamily property located at 307 3rd Avenue in the Kips Bay neighborhood of Manhattan. The Naftali Group is the landlord associated with this asset, which has secured a substantial loan amounting to $67.5 million from First Citizens Bank for its development financing needs.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $67,500,000
  • Address: 307 3rd Avenue
  • Market: Kips Bay, Manhattan
  • Lender: First Citizens Bank
  • Landlord: Miki Naftali - Naftali Group

In this transaction, Miki Naftali represents the Naftali Group, indicating his pivotal role in securing financing for the multifamily project. The loan provided by First Citizens Bank supports the group's ongoing development efforts in the competitive Manhattan market.

Players

First Citizens Bank
First Citizens Bank
LENDER
Miki Naftali
Naftali Group
Miki Naftali
28 deals$3.9B volume
LANDLORD

Details

FINANCED
IMAGE: Miki Naftali DATE: 02/25/2025 ADDRESS: 307 3rd Avenue MARKET: Kips Bay, Manhattan ASSET TYPE: Multifamily LENDER: First Citizens Bank LANDLORD: Miki Naftali - Naftali Group (@Naftali_Group) LOAN AMOUNT: $67,500,000 NOTE: Naftali Group secured a $67.5 million loan from First Citizens Bank for its multifamily project at 307 Third Ave. in Manhattan’s Kips Bay.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$67,500,000.00

Monthly NOI$450,000.00
Monthly Debt Service$426,645.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00