We advised Naftali Group on the construction financing

Davis Polk advised affiliates of the Naftali Group LLC in obtaining $236 million in construction loan financing, comprising $195 million of mortgage loans from JPMorgan Chase Bank, National Association and a $41 million mezzanine loan from an affiliate of Starwood Property Trust, Inc. The proceeds will be used to finance a 33-story luxury condominium structure located at 251-255 East 77th Street, New York, New York. The project will include approximately 62 residential luxury units totaling 178,932 net square feet, approximately 10,330 net square feet of amenity space, approximately 1,690 gross square feet of retail space, approximately 22 parking spaces and approximately 50 storage units.

The Naftali Group is a New York based real estate development company, which has been one of New York’s most active real estate developers of residential, commercial, institutional, mixed-use and retail properties. It owns, develops and operates a number of residential buildings throughout New York City.

The Davis Polk real estate team included partner Michael J. Rishty and associates Erica C. Berman and Andrew Lent. Partner Ethan R. Goldman and associate William Liang provided tax advice. All members of the Davis Polk team are based in the New York office.