Bank OZK, Barings Provide $385M in Construction Financing for Brooklyn Multifamily Project
NEW YORK CITY — Bank OZK and Barings have provided $385 million in construction financing for 470 Kent Avenue, a multifamily project in Brooklyn’s Williamsburg neighborhood that will add 463 rental units and 90 condos to the local supply. The 22-story building will also include 19,000 square feet of commercial space. Bank OZK supplied a $310 million senior loan, and Barings provided $75 million in mezzanine financing. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Jackson Irwin of Walker & Dunlop arranged the debt on behalf of the borrower, a partnership between Naftali Group and Access Industries. Construction is underway and expected to be complete in 2025.