Naftali Credit Partners structured a $45.5 million loan to Thylan Associates, a New York City-based real estate development and investment firm, to finance 4224 Baltimore Avenue, a multifamily and retail development in Philadelphia.
The transaction marks the seventh deal of its second opportunistic debt fund. The deal brings Naftali Credit Partners’ total subordinate investment since the second half of 2023 to over $135 million, serving as the fulcrum piece for over $750 million of total capitalization and over 1.4 million developable square feet since the fund’s start.
Naftali Credit Partners successfully syndicated a $33 million senior loan to Israel Discount Bank, retaining the $12.5 million mezzanine tranche. The loan will refinance 4224 Baltimore Avenue’s debt, fund interest, and carry costs. Located on the prime corner of Clark Park in the heart of Philadelphia’s University City neighborhood, 4224 Baltimore Avenue features 132 rental units and ground-floor retail.