A joint venture between RJ Capital Holdings and Top Rock Holdings has landed $125 million of construction financing to build a condominium development in Queens’ Forest Hills neighborhood, Commercial Observer can first report.

Madison Realty Capital and Naftali Credit Partners provided the loan for the sponsorship’s planned 252,399-square-foot condo project at 70-28 Grand Central Parkway in a deal that closed Dec. 19. The co-developers, along with SYU Properties, acquired the site adjacent to the former Parkway Hospital in 2021 for $31.7 million and expect to complete the 13-story tower in late 2027.