Extra money is flowing in direction of Williamsburg Wharf, Miki Naftali and Len Blavatnik’s master-planned undertaking alongside the Brooklyn waterfront.
Naftali Group and Blavatnik’s Entry Industries secured a $374 million refinancing from Barings, the funding arm of MassMutual. The mortgage goes in direction of the undertaking’s first section, which incorporates 89 condos, over 500 flats and 15,000 sq. ft of retail house unfold throughout three residential towers.
In 2022, the undertaking obtained a $310 million senior loan from Arkansas-based Financial institution OZK and $75 million in mezzanine financing from Barings. Two years later, the builders tacked on one other $238 million loan from Financial institution OZK.
The refinancing will retire the debt from Financial institution OZK, a spokesperson for the undertaking confirmed.
After launching gross sales in October 2024, the apartment portion of the undertaking at One Williamsburg Wharf is over 70 percent sold, in response to a spokesperson for the undertaking. Closings started final yr.
The rental portion, which started leasing lower than a yr in the past, is over 90 % occupied, in response to a press launch.
“We’re thrilled to see our imaginative and prescient come to life and to see how rapidly renters and consumers have embraced it,” said Naftali.
The builders have described the undertaking as an “city oasis,” with facilities that embody a rooftop pool deck, personal outside ice-skating rink within the winter and an indoor-outdoor health middle. Positioned at 470 Kent Avenue, the undertaking has almost 525 ft of water frontage.
The event has additionally brought on retail tenants together with The Items Mart, Breads Bakery and a restaurant from Israeli celeb chef Eyal Shani.
The financing was first reported by the Business Observer.
Walker & Dunlop’s Aaron Appel, Keith Kurland and Dustin Stolly organized the transaction.
Final yr, the builders introduced on $525 million in construction financing from JPMorgan Chase and GoldenTree Asset Administration for the undertaking’s second section, which can function 363 condos throughout two residential towers often known as 80 Wharf Means. The second section is predicted to be accomplished in 2028.
Learn extra
Naftali’s Williamsburg Wharf lands first retail lease
Naftali, Access score $525M in construction loans for Williamsburg Wharf
Naftali’s One Williamsburg Wharf rides Brooklyn new dev wave
