Naftali Group’s debt shop has closed its first deal in South Florida.
Naftali Credit Partners provided a $62 million loan for FundRebel’s new multifamily property in Hollywood, Fla., the lender announced. Called Nine Hollywood, the 12-story building houses 204 apartments, 7,000 square feet of retail space, and 260 parking spots at 1809 Jackson Street, two blocks south of ArtsPark at Young Circle.
FundRebel, a crowdfunding company, purchased the 258,057-square-foot asset for $62 million last year, according to property records. The acquisition marked the New York-based company’s first deal. The seller, Hallandale Beach-based developer Giuseppe Iadisernia, completed the building that same year, after paying $2 million for the 0.8-acre development site in 2010, and securing a $43 million construction loan in 2023.
The proceeds from the latest loan will refinance the existing debt and fund tenant improvements, leasing and closing costs, plus interest reserves. Naftali Credit Partners syndicated a $42 million senior loan, while retaining a $20 million subordinate loan.
“We’re expanding in markets where fundamentals remain exceptionally strong, and South Florida’s combination of sustained demand and institutional-quality development aligns perfectly with our investment strategy,” Glenn Grimaldi, CEO of Naftali Credit Partners, said in a statement.
Launched in 2019, Naftali Credit Partners focuses primarily on the origination and purchase of mezzanine debt, preferred equity, and first mortgages.
Naftali Group, a prominent development firm best known for building luxury condos, is also active in South Florida. This year, it broke ground on a 67-story condo and rental building within the Miami Worldcenter master development.
A representative for FundRebel did not immediately respond to a request for comment.