Naftali JV Secures $374M Refi in Brooklyn

Naftali Group and Access Real Estate have refinanced the first phase of Williamsburg Wharf, a 3.75-acre luxury waterfront community in Brooklyn, N.Y., featuring 89 condominiums and more than 500 rental units, with a $374 million loan from Barings.

Barings, the investment arm of MassMutual, provided $75 million in mezzanine financing in 2022 for the master-planned community in the Williamsburg neighborhood. At that time, Bank OZK provided a $310 million senior mortgage loan to Naftali Group and Access for the mixed-use development. In 2024, the developers secured an additional $238 million in financing from Bank OZK, according to The Real Deal. The refinancing retires the Bank OZK debt, TRD reported.

A Walker & Dunlop Institutional Advisory team led by Senior Managing Directors Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Dustin Stolly, along with Managing Directors Sean Reimer and Ari Hirt, and Associate Stanley Cayre arranged the transaction.

Growing waterfront community

Williamsburg Wharf’s Phase 1 consists of apartments in Two, Three and Four Williamsburg Wharf, and condos in One Williamsburg Wharf, across three 22-story buildings that opened last year. Leasing for the rental units has surpassed 90 percent. About 30 percent of the condos are available for sale at One Williamsburg Wharf.

The development is located at 470 Kent Ave. along the East River Shoreline, where construction on Phase II is underway. Naftali Group and Access secured $525 million in financing in December from JP Morgan and Golden Tree Asset Management for Phase II, which will feature 362 condo units across two high-rise buildings at 80 Wharf Way. The same Walker & Dunlop team represented the developers in the Phase II financing package.

When the second phase is completed, the entire master-planned community will encompass 1.2 million square feet of residential and retail space.

Closer look at Phase I features

Architects and designers for the three residential buildings include Brandon Haw Architecture, Ward + Gray, Studio Munge, Hill West, and Scape Landscape Architects.

Condominium floorplans include two- and three-bedroom residences as well as six penthouses. The rental units feature studio, one- and two-bedroom layouts. All residences have floor-to-ceiling or oversized windows. Select units have private patios.

The development has more than 20,000 square feet of indoor and outdoor amenities, including a rooftop pool deck that transforms into a private outdoor ice rink in the winter. Other features are an indoor-outdoor fitness center, yoga studio and private dog run. The property has outdoor gathering areas, including a public waterfront park. Residents have access to the Williamsburg waterfront pedestrian and cyclist route.

Williamsburg Wharf has more than 15,000 square feet of retail space. The Goods Mart, a convenience store, opened its flagship location at the site last week. Breads Bakery and a restaurant concept from Chef Eyal Shani and Good People Group are slated to open later this year. The neighborhood has retail, restaurants, cultural and nightlife offerings as well.

The property is adjacent to the Brooklyn Navy Yard and about 1 mile north of the Williamsburg Bridge. It is close to the South Williamsburg Ferry Terminal, with service to Manhattan. Residents will also be near multiple subway lines, including the J, M and Z trains.

Active in Manhattan market

Naftali Group, a privately held global real estate development and investment firm based in New York, is an active investor across the city with more than 50 projects worth more than $15 billion in its current and past portfolio. The firm has launched and sold out three luxury condo projects in Manhattan since 2020, including The Benson at 1045 Madison Ave., 200 E. 83rd and The Bellemont at 1165 Madison Ave.

Last year, Naftali Group began selling residences at The Willow, a 69-unit luxury boutique tower in Manhattan’s Gramercy Park. The 19-story building is slated for completion in the third quarter.

In August 2025, the firm acquired 800 Fifth Ave., a 33-story, 208-unit tower, which it plans to demolish for a new luxury condo development.