RJ Capital Holdings Secures $125M for Luxury Condo Development in Forest Hills

RJ Capital Holdings lands $125M in refinancing from Madison Realty Capital and Naftali Credit Partners for a 241-unit luxury condo in Forest Hills, Queens.

By: AXL Media

Published: Mar 12, 2026, 7:08 AM EDT

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

Strategic Refinancing and Construction Progress

The $125 million package replaces existing debt on the project and will fund the remaining build-out and carry costs through the construction cycle.

Loan Origin: This marks the ninth transaction from Naftali Credit Partners’ second opportunistic fund.

Development Partners: RJ Capital is developing the site in partnership with Top Rock and limited partner SYU Properties, following their $31.7 million acquisition of the land in 2021.

Historical Collaboration: This is not the first time RJ Capital and Naftali have partnered; Naftali previously provided a $65 million construction loan for RJ Capital's nearby project at 107-02 Queens Blvd.

Asset Profile: 70-28 Grand Central Parkway