Naftali Group has partnered with Access Industries for its project at 470 Kent Ave. in Brooklyn, N.Y.
Together, the firms have closed on a $385 million construction financing package for the property, which will include three buildings reaching as tall as 22 stories at 470 Kent Ave. 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 project broke ground already and is estimated to be completed in 2025.
Barings Real Estate provided the construction financing for the firms.
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.
“We are pleased to partner with Access Industries on this very special project and have the confidence of our lenders,” said Miki Naftali, CEO and chairman at Naftali Group. “We showed our support a
