Naftali Group and Access Industries have closed on a $375 million construction loan to complete a three-tower development at 470-490 Kent Avenue in South Williamsburg, Brooklyn. Designed by Hill West Architects, the buildings will sit on the East River waterfront and top out at 16, 21, and 22 stories.
Each building will feature a six-story podium with rooftop amenity spaces, tan and copper-hued cladding, and grid of floor-to-ceiling windows. When complete, the trio of buildings will comprise around 645,000 square feet and include 561 rental units and 19,000 square feet of commercial space.
“We showed our support and confidence in the future of New York City during COVID and continue to do so,” said Miki Naftali, CEO and chairman of Naftali Group. “All our projects are well received, and we are very excited to introduce a waterfront lifestyle to future residences in this highly desirable Williamsburg location.”
Naftali acquired the development site back in 2020. The $385 million financing package consists of a $310 million senior mortgage loan provided by Bank OZK and $75 million mezzanine financing provided by Barings.
Construction has already broken ground and is expected to debut in 2025.