Naftali, Blavatnik Snag $374M Refi for Williamsburg Wharf

More money is flowing towards Williamsburg Wharf, Miki Naftali and Len Blavatnik’s master-planned project along the Brooklyn waterfront.

Naftali Group and Blavatnik’s Access Industries secured a $374 million refinancing from Barings, the investment arm of MassMutual. The loan is going towards the project’s first phase, which includes 89 condos, over 500 apartments and 15,000 square feet of retail space spread across three residential towers.

In 2022, the project received a $310 million senior loan from Arkansas-based Bank OZK and $75 million in mezzanine financing from Barings. Two years later, the developers tacked on another $238 million loan from Bank OZK.

The refinancing will retire the debt from Bank OZK, a spokesperson for the project confirmed.

After launching sales in October 2024, the condo portion of the project at One Williamsburg Wharf is over 70 percent sold, according to a spokesperson for the project. Closings began last year.

The rental portion, which began leasing less than a year ago, is over 90 percent occupied, according to a press release.

“We’re thrilled to see our vision come to life and to see how quickly renters and buyers have embraced it,” stated Naftali.

The developers have described the project as an “urban oasis,” with amenities that include a rooftop pool deck, private outdoor ice-skating rink in the winter and an indoor-outdoor fitness center. Located at 470 Kent Avenue, the project has nearly 525 feet of water frontage.

The development has also brought on retail tenants including The Goods Mart, Breads Bakery and a restaurant from Israeli celebrity chef Eyal Shani.

The financing was first reported by the Commercial Observer.

Walker & Dunlop’s Aaron Appel, Keith Kurland and Dustin Stolly arranged the transaction.

Last year, the developers brought on $525 million in construction financing from JPMorgan Chase and GoldenTree Asset Management for the project’s second phase, which will feature 363 condos across two residential towers known as 80 Wharf Way. The second phase is expected to be completed in 2028.