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Naftali Partnership Closes on $385M Financing for Three-Building Brooklyn Project
(Updated with additional information)
Naftali Group and Access Industries have closed on a $385-million construction financing package for a Williamsburg waterfront development at 470 Kent Ave. The project will include three buildings reaching as tall as 22 stories with than 645,000 square feet of space and 561 total units between them, as well as approximately 19,000 square feet of commercial space across all buildings.
The financing package consists of a $310-million senior mortgage loan provided by Bank OZK and $75 million of mezzanine financing from Barings. The project broke ground already and is expected to be completed in 2025.
“We are pleased to partner with Access Industries on this very special project and have the confidence of our lenders,” said Miki Naftali, CEO and chairman of Naftali Group. “We showed our support and confidence in the future of New York City during COVID and continue to do so.”
The financing was arranged by Walker & Dunlop’s New York Capital Markets team including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Jackson Irwin.
- ◦Development
- ◦Financing

