RJ Capital Holdings Finalizes $125 Million Financing for Forest Hills Residential Development

RJ Capital Holdings lands $125M from Madison Realty and Naftali for a 241-unit luxury condo at 70-28 Grand Central Parkway, set for 2027 completion in Queens.

By: AXL Media

Published: Mar 14, 2026, 10:36 AM EDT

Source: https://www.multihousingnews.com/

Capital Stack and Strategic Refinancing Goals

The $125 million package represents the ninth transaction from Naftali Credit Partners’ second opportunistic fund. This new debt replaces existing acquisition and early construction financing, providing the necessary liquidity to carry the project through its vertical build out and operational costs. By securing this refinancing now, RJ Capital Holdings stabilizes its capital stack as the project heads toward a projected completion in the third quarter of 2027. The involvement of Madison Realty and Naftali signals a high degree of confidence in the developer's ability to execute within the competitive New York City luxury landscape.

Architectural Vision and Residential Specifications

Designed by the renowned firm SLCE Architects, the 13 story tower will feature a versatile mix of floorplans ranging from studios to three bedroom residences. The project is being developed on a 2.3 acre site that was originally acquired in 2021 for $31.7 million in partnership with Top Rock and SYU Properties. To distinguish the property in the Forest Hills market, the developers have planned an extensive amenity suite, including a swimming pool with private cabanas, multiple outdoor terraces, bike storage, and a parking facility with over 100 spaces.

Strategic Location and Neighborhood Context

The development occupies a prime vacant lot along the Grand Central Parkway, situated immediately adjacent to the former New Parkway Hospital building and Flushing Meadows Corona Park. This location provides residents with direct access to the greenery of Willow Lake and its associated playgrounds. For commuters, the 71st Avenue station—a major transit hub serving the subway, Long Island Rail Road, and various bus lines—is located less than a mile away. This combination of parkside living and high connectivity is a primary driver for the project’s luxury positioning.