PHILADELPHIA, PA – Naftali Credit Partners, a subsidiary of Naftali Group, a leading privately held, global real estate development and investment firm, today announced the closing of a $10 million mezzanine loan for 4224 Baltimore Avenue. Developed by Thylan Associates, the 150-square-foot building will bring top-quality residential and retail offerings to the in-demand University City market.
“We are thrilled to offer Thylan Associates support as they make progress at this exciting new development,” said David Hochfelder, Chief Investment Officer at Naftali Group. “We have no doubt 4224 Baltimore Avenue and its elevated residential and retail offerings will help lead the impressive transformation of the University City submarket in Philadelphia.”
Located on the prime corner of Clark Park in the heart of West Philadelphia’s University City, the six-story building will feature an impressive collection of 132 rental apartments and 19,000 square feet for ground-floor retail tenants. With a design approved by the community, 4224 Baltimore Avenue will support the neighborhood’s growing population, prompted by the numerous universities, hospitals and small businesses in the region.
“This investment is a natural evolution for Naftali Credit Partners, going beyond our core New York focus and into broader Northeastern and mid-Atlantic geographic markets,” added David Hochfelder.
West of the Schuylkill River, University City is the academic center of Philadelphia, home to institutions such as the University of Pennsylvania and Drexel University. A walkable and culturally diverse region, the neighborhood is also home to 30th Street Station, the Institute of Contemporary Art and premier medical institutions, such as the Children’s Hospital of Pennsylvania.
About Naftali Credit Partners: Naftali Credit Partners (NCP), a subsidiary of Naftali Group, is a high-yield debt fund focused on originating mezzanine loans on transitional real estate assets. Currently investing out of its newly established fund vehicle, NCP lends on projects requiring flexible capital in illiquid segments of the market that traditional banks are less likely to finance due to increased regulation, transaction complexity or execution requirements that are better suited for an integrated real estate firm. NCP’s goal is to provide borrowers with a seamless and competitive execution while providing its investors with superior risk-adjusted returns and significant downside principal protection.
About Naftali Group: Naftali Group, a privately held global real estate development and investment firm based in New York City, has a prestigious track record, having led some of the most significant developments and landmark restorations. Founded and led by Miki Naftali, Naftali Group is highly specialized in identifying and acquiring undervalued properties in premier geographic areas with strong potential growth while maximizing the value of unique and irreplaceable assets. Naftali Group pursues strategic acquisitions and continuously grows its extensive portfolio of new development condominiums, income-producing, mixed-use properties and other assets. Through innovation and discipline, Naftali is recognized as a leading developer with a current and past portfolio comprised of more than 30 projects encompassing more than $12 billion in total value.