Naftali Group with Access Real Estate secure $374 million refinance for Williamsburg Wharf

Brooklyn, NY Naftali Group with Access Real Estate closed a $374.35 million refinancing for Phase I of Williamsburg Wharf, the firm’s 3.75-acre master-planned development along Williamsburg’s East River shoreline. Since opening to residents last summer, Two, Three, and Four Williamsburg Wharf, the development’s luxury rental offerings, have already reached over 90% leased across more than 500 apartments. The refinancing was provided by Barings.

Walker & Dunlop Institutional Advisory, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Ari Hirt, and Stanley Cayre, arranged the transaction.

Rising 280-ft. along the East River waterfront, One, Two, Three, and Four Williamsburg Wharf comprises three residential buildings from an architecture and design team, including Brandon Haw Architecture, Ward + Gray, Studio Munge, Hill West, and Scape Landscape Architecture. Envisioned as a waterfront urban oasis, each building offers a distinct identity with private entrances and a curated collection of more than 20,000 s/f of indoor and outdoor amenities, including a rooftop pool deck with Manhattan skyline views that transforms into a private outdoor ice-skating rink in the winter, as well as an indoor-outdoor fitness center, yoga studio, landscaped terraces, and a private dog run. 

With nearly 525-ft. of frontage along the East River, the development also features outdoor gathering areas, including an open lawn, a public waterfront park, and connections to the Williamsburg waterfront pedestrian and cyclist route.

The loan underscores the development’s standing as a luxury waterfront destination in Williamsburg, one of New York’s most popular and fastest-growing neighborhoods. Less than a year after the rental towers were first unveiled, Two, Three, and Four Williamsburg Wharf are nearly fully occupied, reflecting strong demand for the development’s waterfront lifestyle and expansive amenity offering. One Williamsburg Wharf, the project’s first luxury condominium offering, also opened to residents last year, with a limited number of residences remaining. “Williamsburg Wharf offers truly unprecedented waterfront living in New York City, and we’re thrilled to see our vision come to life and to see how quickly renters and buyers have embraced it,” said Miki Naftali, CEO and chairman of Naftali Group. “In addition to the continued support and confidence from our financial partners, we’re grateful for our ongoing partnership with Access Real Estate, whose shared vision and collaboration have been instrumental to Williamsburg Wharf’s success. Together, we remain incredibly optimistic about the long-term future of this development and our role in the continued evolution of the Williamsburg waterfront.”

“Securing this refinancing with Barings, our existing lender, further validates Naftali’s vision and Access’ conviction in the strength of this market and location. The rapid lease-up demonstrates strong demand for well-located residential communities that offer exceptional live-work-play experiences,” said Jonah Sonnenborn, senior managing director and head of Access Real Estate.

Located at 470 Kent Ave., Williamsburg Wharf is set within a neighborhood known for its tree-lined streets, restaurants, and cultural offerings, including waterfront views, boutique shopping, and nightlife. Adjacent to the Brooklyn Navy Yard, where DUMBO meets Williamsburg, the development is near from the South Williamsburg Ferry Terminal, providing service to Manhattan in under 15 minutes, and near multiple subway lines, including the J, M, and Z trains.

With Phase 1 of Williamsburg Wharf nearly complete, construction on Phase II of the master-planned development is already well underway. The Goods Mart, one of the development’s first retail tenants, recently opened, while Breads Bakery and a restaurant concept from chef Eyal Shani and Good People Group are slated to open later this year.