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Naftali Closes on $525M Construction Loan for Phase II of Williamsburg Wharf
Naftali Group and Access Industries have closed on a $525-million construction loan for Phase II of Williamsburg Wharf, Naftali’s 3.75-acre master-planned development on Williamsburg’s East River shoreline. The financing package fully capitalizes the construction of 80 Wharf Way.
Walker & Dunlop Capital Markets Institutional Advisory arranged the financing. The team, led by Keith Kurland, Aaron Appel, Dustin Stolly, Jonathan Schwartz, Adam Schwartz, Sean Reimer, Ari Hirt, and Stanley Cayre, secured a floating-rate, interest-only construction financing from JPMorgan Chase and GoldenTree Asset Management LP.
Phase II will include 363 for-sale residential units across two towers that will be among the tallest condominium towers in Brooklyn. Phase I features 89 condos, more than 500 luxury rentals and 15,000 square feet of retail space across three buildings. When completed, Williamsburg Wharf will comprise five residential towers ranging from 22 to 36 stories, totaling 1.2 million square feet.
“With Phase I of Williamsburg Wharf now complete, we’re pleased to have the confidence of our lenders as we embark on this next phase of our incredible vision for the Williamsburg waterfront’s last remaining developable parcel,” said Miki Naftali, CEO and chairman of Naftali Group.
Pictured: Williamsburg Wharf Phase I.
- ◦Development
- ◦Financing
