Naftali Group has nabbed $236 million of construction financing for its planned condominium development project on Manhattan’s Upper East Side, the developer announced Wednesday.
JPMorgan and Starwood (STWD) Property Trust provided the loan for the 62-unit condo building at 255 East 77th Street, while Newmark‘s Dustin Stolly, Jordan Roeschlaub , Nick Scribani and Daniel Fromm negotiated the debt.
The condos are slated to hit the market next year.
Miki Naftali, chairman and CEO of Naftali Group, said in a statement the deal demonstrates the firm’s “unwavering commitment to long-term investments in New York City.”
Naftali Group purchased the property from Sky Management in December 2021 for $72.6 million, Commercial Observer reported at the time.
The 255 East 77th project will add to Naftali’s Manhattan condo property portfolio. It has executed three sold-out condo developments since 2020 including The Benson at 1045 Madison Avenue, 200 East 83rd Street and The Bellemont at 1165 Madison Avenue.