Naftali Group, a privately held global real estate development and investment firm based in New York, in partnership with Access Industries, a U.S.-based industrial group with global strategic investments, have closed on a $385 million construction financing package for 470 Kent Ave. The Brooklyn property will include three buildings reaching as tall as 22 stories with more 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 $385 million financing package consists of a $310 million senior mortgage loan provided by Bank OZK and $75 million mezzanine financing provided by Barings. The project has broken ground and is estimated to be completed in 2025.
“Barings is pleased to provide financing to the high caliber team of Naftali Group and Access Industries. We share the sponsor’s conviction in the New York City market and are delighted to support their long-term investment in Brooklyn,” said Jonathan Neff, managing director, Barings Real Estate. “This investment represented an attractive opportunity based upon the strong sponsorship, trophy quality and irreplaceable location. In the midst of an extremely challenging environment, Barings is committed to providing creative financing solutions for top tier sponsors and construction projects across the U.S.”
470 Kent — which Naftali Group acquired in 2020 as one of the last developable sites on the Williamsburg waterfront — is located adjacent to the Brooklyn Navy Yard.
Photo Credit: Naftali Group/Hayes Davidson
