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BHI Supplies $50M Line of Credit to Naftali Credit Partners

Andrew Cohen, Commercial Observer

Naftali Group’s lending arm has secured a $50 million one-year line of credit to execute ongoing acquisitions of transitional commercial real estate properties, Commercial Observer has learned.

BHI provided the credit facility for Naftali Shaked Partners II (NSP II), a debt fund run by Naftali Credit Partners pursuing mezzanine debt originations, whole loan originations and note purchase opportunities in transitional assets. The strategy is heavily focused on residential and mixed-use properties in large metropolitan markets like New York City and South Florida.

“There is a greater need now more than ever for private debt funds like Naftali Credit Partners, and we look forward to continuing to support borrowers in buying, building and refinancing their projects,” Glenn Grimaldi, CEO of Naftali Credit Partners, said in a statement.

The deal is part of Naftali Credit Partners’ second debt fund rolled out this past spring in an effort to fill a void led by traditional banks who were largely on the sideline due to rising interest rates, The Real Deal previously reported. Naftali provided a $22 million mezzanine loan, according to TRD, as part of an $84 million construction loan led by Deutsche Bank to complete an 11-story project at 64 University Place in Greenwich Village, CO first reported at the time.

Gil Karni, CEO at BHI, said he values its “collaborative client relationships” with debt funds like NSP II while striving to serve as a “market expert in the capital call credit line sector.”

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