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New York & Tri-State  + Outer  + Finance  | 

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.

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Inside The Story

Naftali GroupAccess IndustriesWalker & Dunlop's Appel

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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