Overview
- Naftali Credit Partners arranged $203 million in financing for Yellowstone Real Estate Investments to convert 221 W. 41st St. into housing, with proceeds refinancing bridge debt and covering project costs.
- The capital stack includes a $167 million senior loan from BHI, the U.S. arm of Bank Hapoalim, and a $36 million mezzanine loan from Naftali Credit Partners.
- Plans call for 176 apartments using the 467-m program, a New York City tax abatement for office-to-residential projects that requires 25 percent of units to be affordable.
- The 25-story building sits just south of Times Square near major subway hubs, positioning future residents for short commutes across the city.
- Naftali Credit Partners said the transaction is the 10th from its second opportunistic debt fund and brings total investment from that fund to roughly $300 million.